UFP Industries announced that its affiliate, UFP Global Holdings Ltd., has acquired 70% of the equity in Ficus Pax Private Limited, a leading producer of industrial packaging in India, for approximately $13.5 million.
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.
Sandeep Wadhwa, chairman and managing director of Wadpack, will now lead Ficus Pax as managing director over the consolidated group.
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 value-added products used in residential and commercial construction, packaging and other industrial applications worldwide.
