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Published in Manufacturing

UFP Industries subsidiary expands Australia presence with latest acquisition

BY Tuesday, March 02, 2021 03:16pm

GRAND RAPIDS — Wood products manufacturer UFP Industries Inc. recently expanded its presence in the Australian market with an acquisition made by one of its wholly owned subsidiaries.

Industrial packaging products manufacturer UBEECO Packaging Solutions — which is owned by UFP Industries (Nasdaq: UFPI) and based in Sydney, Australia — announced this week that it has acquired J.C. Gilmore Pty Ltd, also known as Gilmores.

Gilmores was founded in 1988 and operates out of a distribution facility located in Port Melbourne, Australia. The company is a distributor for the industrial and construction industries, specializing in packaging tapes, stretch films, packaging equipment, strapping and construction protection products.

Gilmores’ 2020 sales totaled $15 million AUD, or around $11.7 million USD. Founder Michael Gilmore and his brother, Mark, will remain with Gilmores.

“Australia is an important growth market for UFP Global Holdings, and Gilmores’ strong reputation provides a great entrance to a large consumable packaging market,” Dick McBride, executive vice president of UFP Industries’ International Group, said in a statement.

“By joining forces, we create growth opportunities with both new and existing customers, as Gilmores provides a complementary line of protective packaging products that UBEECO will now make available to its customers.

McBride also said the company looks to expand Gilmores’ footprint into New South Wales and Queensland.

In light of an earnings report last week that detailed a record-breaking 2020 with $5.15 billion in revenue, UFP Industries leadership vowed to continue seeking out M&A opportunities that would accelerate and grow sales and profits.

Another one of UFP’s wholly owned subsidiaries, Florida-based Sunbelt Forest Productions Corp., announced last week that it had acquired South Carolina-based wood treating business Spartanburg Forest Products for $17 million.

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