UFP Industries acquires controlling equity position in Ficus Pax, marking UFP’s first industrial presence in India
GRAND RAPIDS, Mich., Monday, November 22, 2021 – UFP Industries (Nasdaq: UFPI) today 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, nail-less 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 fiber board 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 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.”