Georgetown, Massachusetts -- Packaging group UFP Technologies Inc. has bought Denver, Colorado-based E.N. Murray Co., a 50-year old maker of foam products. UFP, which has made several other acquisitions recently, described ENM as a full-service designer, converter, and distributor of foam plastic products, specialising in technical polyurethane foams. Its 2008 sales were about $13 million.
"ENM brings us a profitable book of business, very strong medical customer relationships, a complementary product line, and a solid management team," said Jeffrey Bailly, chairman, ceo, and president of UFP Technologies, in a company statement. "Together, we can serve our customers more efficiently, with a broader range of products. We expect this acquisition to improve our coverage of the Western US and add to earnings immediately."
No price details of the purchase were revealed.
UFP is committed to expanding its medical business, "with its high growth potential and high barriers to entry," Bailly continued, and in this context, he said that Grant Guthrie is joining UFP to lead its national medical sales and marketing programme.
Guthrie, currently E.N. Murray's president, said: "With its diverse capabilities, certified quality systems, and solid industry reputation, UFP is a great fit for ENM. He also pointed out that UFP's plant locations "line up extremely well with our customer locations, allowing us to provide better, faster service."
According to Bailly, UFP also remains committed to continued growth through acquisitions. "We still have significant cash and credit resources on hand," said Bailly. "We will continue to search for companies that provide a good strategic and cultural fit, and improve our position in our target markets."
UFP Technologies designs and makes interior protective packaging solutions using moulded fibre, vacuum-formed plastics, and moulded and fabricated foam plastics. The group also designs and manufactures engineered component solutions using laminating, moulding, and fabricating technologies and serves markets including automotive, computers and electronics, medical, aerospace and defence, consumer, and industrial ones.