BARTOW — Universal Forestry Products Industries staff announced the proposed purchase of PalletOne, Inc. for $232 million in a press release dated Dec. 10.
Pending regulatory approval, the deal is expected to be completed Dec. 28.
PalletOne, whose headquarters is on U.S. 17 in Bartow, is a leading manufacturer of pallets in the United States, with 17 facilities in the southeast. The PalletOne management team, including President Howe Wallace, will continue to lead the company.
“This is a great opportunity for all of us at PalletOne,” Wallace said. “As a strategic addition to UFP’s leading industrial business unit, we will have access to new markets, value-added industrial products, and resources that will help us grow our business and provide our customers with more value.
“Because UFP is committed to developing its employees and promoting from within, PalletOne employees will have new opportunities to grow their careers as well,” he continued. “We’re eager to take advantage of these exciting new possibilities.”
The merger may benefit both parties.
“We are excited to welcome PalletOne and its 1,500-plus employees to the UFP family of companies,” UFP Industries CEO Matthew J. Missad said. “PalletOne is a leader in automation for pallet manufacturing, which we can scale across our existing footprint. They also have exceptional sourcing and design personnel who will help us gain synergies in those areas of the combined businesses.
“PalletOne brings a strong brand, a new customer base, and operating excellence, which drive us closer to our goal of becoming the preferred global packaging solutions provider and preferred wood preserver in the U.S.”
UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of wood- and alternative material-based building and industrial products worldwide.
Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia.
Organized in 2001, PalletOne manufactures new pallets, provides pallet repair programs, recycles used pallets and produces a variety of other wood products. With headquarters in Bartow, PalletOne’s operations include Sunbelt Forest Products Corporation, one of the largest producers of pressure-treated lumber and residential fencing in the Southeast, and SunOne Logistics, a Southeast regional truckload carrier.
Through its combined operations, PalletOne employs more than 1,500 people across 22 locations.