Grand Rapids, Michigan, USA 24 October 2018 -- Universal Forest Products, Inc. (NASDAQ: UFPI) announced that one of its subsidiaries closed on the purchase of substantially all of the operating assets of Pak-Rite, Ltd., a Milwaukee, Wis.-based packaging design and manufacturing firm, on Oct. 22, 2018. The purchase expands the company's capacity in custom packaging solutions.
From foam and plastic components to trademarked wood crating systems, Pak-Rite offers a full range of solutions for manufacturers of high-value products, such as medical, aerospace and automation equipment. Founded in 1996, it had trailing twelve-month sales of nearly $15 million through September 2018. Universal has hired the Company's nearly 60 employees, who work in its Milwaukee, Wis., facility. Kirk Blaha, former president of Pak-Rite, has been named General Manager of Operations. Founder and former CEO Rick Blaha is providing consulting services through the transition period.
"Pak-Rite aligns with our strategic objective to become the industry's foremost packaging solutions provider," said CEO Matthew J. Missad. "It has earned a reputation for extraordinary products and services, and we are excited to add them to our growing portfolio of packaging products. We're very fortunate to add the dedicated people of Pak-Rite who have been instrumental in creating a successful company and who are motivated to grow their careers and the Pak-Rite products with Universal."
"We are excited for this new chapter of our business after more than 20 years of success," said Kirk Blaha. "With the strength of Universal, we will be able to grow our customer base, products and design services, and offer more opportunity to our people. It is a winning situation all the way around, and we look forward to being part of the growing Universal family of companies."