UFP Industries Acquires Controlling Equity Position in Ficus Pax
GRAND RAPIDS , Mich . – UFP Industries announced that its affiliate , UFP Global Holdings Ltd ., has acquired 70 percent of the equity in Ficus Pax Private Limited ( Ficus Pax ), a leading producer of industrial packaging in India , for approximately $ 13.5 million USD .
Headquartered in Bangalore , India , Ficus Pax manufactures mixed-material cases and crates , nailless plywood boxes , wooden pallets , and other packaging products through 10 facilities located in major industrial markets throughout southern India . Ficus Pax also owns a majority stake in Wadpack , a manufacturer of corrugated fiberboard containers , corrugated pallets , and display solutions .
The company had trailing 12-month sales through August 2021 of approximately $ 39 million USD . Sandeep Wadhwa , chairman and managing director of Wadpack , will now lead Ficus Pax as managing director over the consolidated group .
“ The addition of Ficus Pax gives UFP a solid foundation to grow our industrial packaging presence in India , the world ’ s fastest-growing economy and a strategic market for our international expansion ,” said Dick McBride , UFP ’ s executive vice president of international operations .
" Ficus Pax gives UFP a solid foundation to grow our industrial packaging presence in India , the world ’ s fastestgrowing economy and a strategic market for our international expansion "
“ Ficus Pax is a leader in innovation , with a talented design and engineering team and considerable experience in producing high-value packaging solutions for domestic and multinational customers . We look forward to working together to grow our business with new and existing customers worldwide .”
“ This transaction begins an exciting new chapter for Ficus Pax and our 600-plus employees ,” said Mr . Wadhwa .
“ The investment and support that UFP Global will provide to Ficus Pax and Wadpack will allow us to expand our sales outreach , increase our capacity , automate in ways that will improve our productivity , and gain more flexibility in sourcing materials . We look forward to being part of UFP ’ s mission to become the leading packaging solutions provider in the world .”
NOVEMBER 2021