GRAND RAPIDS TWP. — Diversified construction, packaging and industrial product manufacturer UFP Industries Inc. has expanded its packaging division with the acquisition of a Texas firm.
The company’s UFP Packaging LLC announced today that it had acquired Flower Mound, Texas-based corrugated packaging manufacturer Titan Corrugated Inc. The deal also included All Boxed Up LLC, a distributor of corrugated boxes manufactured by Titan.
The two companies generated approximately $46.5 million in combined revenue over a 12-month period that ended Oct. 31.
Titan will become the “cornerstone corrugated conversion facility” for UFP Packaging.
Titan manufactures boxes used in moving and storage, jumbo boxes for industrial products, corrugated shipping containers and point-of-purchase displays. The company also operates a “highly automated” production facility in Flower Mound.
“Titan’s operations are highly automated and overseen by talented team members dedicated to serving the customer,” Chuck Krawczak, vice president of UFP Packaging, said in a statement. “We can learn from their use of automation and robotics, and Titan will benefit from our support staff, capital and extensive customer base.”
UFP Packaging plans to use the Titan operations as a model “that we plan to replicate in target geographic markets where we can utilize both customer and distribution synergies,” Krawczak said.
Jon Reneau, who founded Titan in 2003, and the members of the leadership team will remain with the company after the deal.
“I am proud of the team at Titan and am excited by the opportunities that will come to us as part of the UFP family of companies,” Reneau said in a statement. “We look forward to helping drive UFP’s mission to become the leading global packaging solutions provider.”
Terms of the deal were not disclosed.
The acquisition marks the third this year for UFP Industries (Nasdaq: UFPI). In June, company affiliate PalletOne Inc. acquired a 50-percent equity stake in Orangeburg, S.C.-based Dempsey Wood Products LLC. A month earlier, the Deckorators Inc. affiliate purchased Tipton, Iowa-based Cedar Poly LLC for $17 million.