(RTTNews) - UFP Industries, Inc. (UFPI) announced on Monday that its subsidiary, UFP Packaging, has acquired C&L Wood Products, a manufacturer of pallets and mulch located in Hartselle, Alabama. The financial details of the deal were not shared.
C&L will now be part of UFP Packaging's PalletOne division, which is a major producer of machine-made pallets in the U.S.
The company stated that the purchase allows PalletOne to grow its presence in northern Alabama and central Tennessee. Furthermore, C&L's President Henry Bowman and Operations Manager Frank Janek will remain with the company.
In pre-market activity on the Nasdaq, the shares are trading at $112.51, up 0.96%.
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