UFP Global Acquires 80% Stake In Spain-Based Palets Suller Group For $52M
Portfolio Pulse from Shivani Kumaresan
UFP Industries Inc's subsidiary, UFP Global Holdings Ltd, has acquired 80% of the equity in a newly formed company, UFP Palets y Embalajes SL, for approximately $52 million. The acquisition includes the former pallet manufacturing operations of Palets Suller SL, Serrería y Palets Chiva SL and Drevex Castellón SL, collectively known as Palets Suller Group. The move is aimed at expanding UFP's value-added packaging business in Europe.
September 21, 2023 | 1:25 pm
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UFP Industries has acquired 80% stake in Palets Suller Group, aiming to expand its packaging business in Europe. This could potentially increase the company's revenues and market share in the region.
The acquisition of a majority stake in Palets Suller Group allows UFP Industries to expand its operations into Europe, specifically Spain. This could potentially increase the company's revenues and market share in the region, which would likely have a positive impact on its stock price in the short term.
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