UFP Industries has made an undisclosed equity investment in Italy-based Enwrap Logistic & Packaging to boost its international industrial packaging presence.
UFP Industries, which is headquartered in the US, made the investment through its associates UFP Global Holdings.
Formally named as Job Service, the newly formed company will offer high-value, mixed material industrial packaging and logistics services.
Headquartered in Milan, Enwrap generated approximately $14m in sales last year across its eight locations in Italy.
UFP international operations executive vice president Dick McBride said: “The Enwrap team is the type of partner we have been seeking to establish our presence in Europe.
“Their strength in design, manufacturing and logistics will provide us with the platform we need to expand throughout the continent. In addition, their passion and work ethic are an important cultural match with UFP Industries. We look forward to our future growth together.”
Following the investment, Job Service president and managing director Luigi Postiglione will lead the newly formed joint venture.
“We are very excited to have such a strong and experienced partner in UFP Industries. UFP has a clear motivation to grow its global packaging business, and we share the same passion. Enwrap combines UFP’s global resources with our custom product range and access to markets, offering new capabilities to customers throughout Europe and the Middle East,” Postiglione added.
With this investment, UFP Global will be able to serve customers in Central and Southern Europe.
UFP Industries supplies wood, wood composite and other products to retail, construction and industrial sectors.