UFP Technologies Acquires E.N. Murray Co.
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.
