Published in Finance

Universal Forest Products acquires Milwaukee manufacturer

BY MiBiz Staff Wednesday, October 24, 2018 05:19pm

GRAND RAPIDS — A West Michigan manufacturer of wood-based products has acquired Pak-Rite Ltd., a Milwaukee,Wis.-based packaging design and manufacturing firm.

The deal involving a subsidiary of Grand Rapids-based Universal Forest Products Inc. (Nasdaq: UFPI) will expand the company’s capacity in custom packaging solutions, according to a statement.

Currently, Pak-Rite specializes in foam and plastic components, and wood crating systems. Some of the industries it serves include medical, aerospace and automation equipment.

Terms of the deal were undisclosed.

“Pak-Rite aligns with our strategic objective to become the industry’s foremost packaging solutions provider,” UFPI CEO Matthew Missad said in a statement, noting the company’s “reputation for extraordinary products and services.”

According to a statement, Pak-Rite generated sales of nearly $15 million in the 12-month period through September 2018.

With the acquisition, UFPI will hire Pak-Rite’s roughly 60 employees. In addition, former Pak-Rite President Kirk Blaha was named general manager of the company.

“With the strength of Universal, we will be able to grow our customer base, products and design services, and offer more opportunity to our people,”  Blaha said in a statement.

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