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UFP Technologies acquires US foam plastic products converter

Packaging and specialty component products manufacturer UFP Technologies has announced the acquisition of the US-based Packaging Alternatives Corporation (PAC) for an undisclosed value.

UFP Technologies chairman, CEO and president Jeffrey Bailly said PAC brings a profitable book of business, better medical customer relationships and a complementary product line.

"We are committed to expanding our medical business, with its excellent growth potential and high barriers to entry, and expect this acquisition to improve our coverage of the Western U.S., enhance our manufacturing capabilities, and add to our earnings," Bailly said.

PAC, which reported sales of about $10m in 2011, designs, converts and distributes foam plastic products and specializes in technical polyurethane foams principally for the medical market.