Packaging and specialty components maker UFP Technologies Inc. of Georgetown, Mass., has acquired Stephenson & Lawyer Inc. of Grand Rapids, Mich.
Terms of the deal, announced Jan. 18, were not disclosed.
Publicly held UFP designs and manufactures interior protective packaging using molded fiber, vacuum forming and molded and fabricated foam. Markets include automotive, computers, electronics, medical, aerospace and consumer and industrial products.
UFP employs about 500 and reported 2006 sales of $90 million.
S&L, which employs about 100, designs and converts foam products, specializing in technical polyurethane foams. Its sales in 2007 were about $13 million.
UFP Chairman, Chief Executive Officer and President Jeffrey Bailly said S&L's 250,000-square-foot plant adds significantly to UFP's manufacturing capabilities.
S&L President Con Oswald said the firms are a good fit. ``[UFP's] polyethylene foams expertise is an ideal complement to our primary strength - our knowledge and experience in technical urethane foams,'' he said in a news release.
The acquisition is UFP's second in less than two years. The firm paid $300,000 for Stephen Packaging Corp. of Miami in April.
UFP rose financially from a loss of about $1.5 million in 2003 to profit of about $2.5 million in 2006. Ron Lataille, UFP vice president and chief financial officer, attributed the turnaround, in part, to restructuring and investing in long-term growth.
``Acquisitions are an integral part of our growth strategy,'' Lataille said via e-mail. ``Our sweet spot for [acquisition] candidates are those with sales in the $5 million to $25 million range and that offer access to new materials, new manufacturing expertise, new geography or new markets.''