UFP Technologies acquires Packaging Alternatives Corporation
UFP Technologies has acquired Packaging Alternatives Corporation (PAC), a full service designer, converter and distributor of foam plastic products specialising in technical polyurethane foams principally for the medical market.
“We are very excited about joining forces with a highly respected medical market specialist,” says R. Jeffrey Bailly, Chairman, CEO and president of UFP Technologies. “PAC brings us a profitable book of business, very strong medical customer relationships, a complementary product line and a solid management team – we are especially pleased that company leaders Richard and Tim Tunila are joining UFP. Together, we can serve our customers more efficiently with a broader range of products. We are committed to expanding our medical business with its excellent growth potential and high barriers to entry, and expect this acquisition to improve our coverage of the western US, enhance our manufacturing capabilities, and add to our earnings.”
“Joining forces with UFP expands our product lines and manufacturing capabilities,” comments PAC president Richard Tunila. “With their diverse capabilities, strong industry reputation and strategic plant locations they are a great fit for PAC.”
“We still have significant cash and credit resources on hand,” continues 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 producer of innovative custom-engineered components, products and specialty packaging. The UFP team acts as an extension of customers’ in-house research, engineering and manufacturing groups, working closely with them to solve their most complex product and packaging challenges.