Packaging group UFP Technologies Inc. has bought Denver-based E.N. Murray Co., a 50-year-old maker of foam products.
UFP, which has made several other recent acquisitions, described ENM as a full-service designer, converter and distributor of foam plastic products, specializing in technical polyurethane foams.
The firm's 2008 sales were about $13 million.
ENM brings us a profitable book of business, very strong medical customer relationships, a complementary product line, and a solid management team, said Jeffrey Bailly, chairman, CEO and president of Georgetown-based UFP, in a news release. Together, we can serve our customers more efficiently, with a broader range of products.
We expect this acquisition to improve our coverage of the Western U.S. and add to earnings immediately, he said.
Terms of the deal were not disclosed.
Bailly said UFP is committed to expanding its medical business, with its high growth potential and high barriers to entry.
In that context, Bailly said that Grant Guthrie, currently E.N. Murray's president, is joining UFP to lead its national medical sales and marketing program.
Guthrie pointed out that UFP's plant locations line up extremely well with our customer locations, allowing us to provide better, faster service.
Bailly added that UFP has cash and credit resources on hand, and will continue to search for acquisition targets.
UFP designs and produces interior protective packaging using molded fiber, vacuum formed plastics, and molded and fabricated foam. The company's end markets include automotive, computers and electronics, medical, aerospace and defense, consumer and industrial.