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UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging .
UFP Industries, Inc.December 10, 2020 GMT
GRAND RAPIDS, Mich., Dec. 10, 2020 (GLOBE NEWSWIRE) UFP Industries (Nasdaq: UFPI) today announced that its board of directors approved an agreement for UFP Industrial, LLC, to purchase 100 percent of the equity of PalletOne, Inc. for approximately $232 million. This price assumes a cash-free, debt-free balance sheet. UFP also agreed to pay $18 million for PalletOne’s recent capital expenditures. The transaction is subject to a net working capital adjustment and is expected to close on December 28, 2020, pending customary closing conditions and regulatory approval. The purchase price will be funded using the company’s cash reserves, which currently total more than $400 million.