UFP Technologies Acquires Selected Assets of Advanced Materials Group
Georgetown, Mass., September 3, 2009. UFP Technologies, Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today announced that it has purchased certain assets of Advanced Materials Group ("AMI") in Rancho Dominguez, California. AMI, a foam fabricator serving the medical market, filed for relief under Chapter 11 of the United States Bankruptcy Code on July 2, 2009. UFP's purchase of selected assets of AMI was approved by the Bankruptcy Court on September 2, 2009.
"We are very pleased with this transaction," said R. Jeffrey Bailly, Chairman & CEO of UFP Technologies. "With its ISO 13485 Quality Certification, FDA certification, and clean room capabilities, AMI's facility is ideally suited to meeting the needs of our medical customers. It also strengthens our position on the west coast; with the Rancho Dominguez plant just 85 miles from our Ventura facility, we will also have the option to increase efficiencies by combining these two California operations."
"Following our acquisition of selected assets of Foamade Industries and E.N. Murray Company, AMI is our third transaction this year," Bailly continued, "demonstrating the exciting acquisition growth opportunities that exist for UFP Technologies."
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.
