GRAND RAPIDS — Wood products supplier UFP Industries Inc. has established a foothold in Europe with a recent deal.
The Grand Rapids-based company, formerly known as Universal Forest Products, announced that it made an equity investment in Milan, Italy-based Enwrap Logistic & Packaging S.r.l. The deal was made through UFP's global affiliate UFP Global Holdings.
Enwrap works with some of the largest companies in Italy to design, produce and market industrial packaging that works in coordination with logistical processes.
Enwrap operates from eight different hubs in Italy, and in 2019 generated $14 million in sales.
“The Enwrap team is the type of partner we have been seeking to establish our presence in Europe,” UFP Executive Vice President of International Operations Dick McBride said in a statement. “Their strength in design, manufacturing and logistics will provide us with the platform we need to expand throughout the continent. In addition, their passion and work ethic are an important cultural match with UFP Industries. We look forward to our future growth together.”
Business has boomed for UFP Industries (Nasdaq: UFPI) as of late, even during the COVID-19 pandemic. In late October, the company announced record quarterly earnings, anchored by strong retail sales. In the earnings report, the company outlined that it had $700 million in available liquidity and was maintaining a pipeline of acquisition targets.
Early in October, UFP Industries acquired North Carolina-based Fire Retardant Chemical Technologies LLC, a leading research and development company specializing in wood treating technologies such as fire retardants.
On a global level, UFP Industries has locations in Australia and Mexico.
“UFP Global continues to serve UFP customers in other parts of the world, and this business helps us serve customers in Central and Southern Europe,” UFP Industries CEO Matthew J. Missad said in a statement.