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UFP Technologies, Inc. Release date: July 8, 2009
Georgetown, Mass. (July 8, 2009). UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and specialty component products, today announced the acquisition of E.N. Murray Co. ("ENM"). Founded in 1959 and located in Denver, Colorado, ENM is a full service designer, converter, and distributor of foam plastic products, specializing in technical polyurethane foams. 2008 sales were approximately $13 million.
"We are very excited about acquiring a recognized medical market leader in our industry," said R. Jeffrey Bailly, Chairman, CEO, and President of UFP Technologies. "ENM brings us a profitable book of business, very strong medical customer relationships, a complementary product line, and a solid management team. Together, we can serve our customers more efficiently, with a broader range of products. We expect this acquisition to improve our coverage of the Western U.S. and add to earnings immediately."
"We are committed to expanding our medical business, with its high growth potential and high barriers to entry," Bailly continued, "and we are pleased that Grant Guthrie is joining UFP to lead our national medical sales and marketing program." Guthrie, currently E.N. Murray's President, is equally pleased. "With its diverse capabilities, certified quality systems, and solid industry reputation, UFP is a great fit for ENM," said Guthrie. "Also, their plant locations line up extremely well with our customer locations, allowing us to provide better, faster service."
According to Bailly, UFP remains committed to continued growth through acquisitions. "We still have significant cash and credit resources on hand," said Bailly. "We will continue to search for companies that provide a good strategic and cultural fit, and improve our position in our target markets."
UFP Technologies is a leading designer and manufacturer of interior protective packaging solutions using molded fiber, vacuum-formed plastics, and molded and fabricated foam plastics. The Company also designs and manufactures engineered component solutions using laminating, molding, and fabricating technologies. The Company primarily serves the automotive, computers and electronics, medical, aerospace and defense, consumer, and industrial markets.
Company Information:
Name: UFP Technologies, Inc.
Address: 172 E. Main St.
City: Georgetown
State: MA
ZIP: 01833 2107
Country: USA
Phone: 800-213-6278
FAX: 978-352-7169
http://www.ufpt.com
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UFP Technologies Acquires Selected Assets of Advanced Materials Group
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United Foam, a UFP Technologies Brand, Offers Pelican® Storm Cases and Pelican's Hardigg® Case Product Lines
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UFP Technologies, Inc. Named to FSB 100
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Molded Fiber, a UFP Technologies Brand, Announces Improved Sustainable Packaging Capabilities
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United Foam, a UFP Technologies Brand, Improves Capabilities and Response Time at their Decatur, Alabama Facility
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United Foam, a UFP Technologies Brand, to Exhibit Custom Medical Solutions at MD&M West
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Molded Fiber, a UFP Technologies Brand, Receives ISO-14001:2004 Environmental Management System Standard Certification
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UFP Technologies, Inc. Announces the Launch of United Case(TM)
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United Foam, A UFP Technologies Brand, Creates Tool Control Solution For The United States Army And Marines
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Molded Fiber's Green Packaging: Sustainability Merges With Packaging For The Retail And Health & Beauty Markets
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UFP Technologies Inc. Launches New Brand
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UFP Technologies Launches Three Brands
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UFP Technologies Provides Biodegradable Packaging for Pangea Organics Bar Soaps
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UFP Technologies Announces Acquisition of Stephen Packaging
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UFP Technologies Provides Beerhugs with Insulated Grip to Keep Hands Warm Even with the Coldest Beverages
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UFP Technologies Named a Fabricator of Aspen Aerogels Insulation Technology
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