NEWBURYPORT, Mass., July 27, 2022 (GLOBE NEWSWIRE) — UFP Technologies, Inc. (Nasdaq: UFPT) today announced the sale of its molded fiber business and related real estate in Iowa to CKF, Inc. for approximately $32 million.
“Moulded Fibre Technology, Inc., or MFT, has been a valued part of the UFP family for many years,” said R. Jeffrey Bailly, Chairman and CEO of UFP Technologies. “It’s difficult to part with such a great business and talented team. However, this strategic divestiture frees up resources – both people and capital – to further grow our MedTech business, which now represents 82% of our revenue. CKF’s strategic focus on molded fiber brings numerous synergies to MFT and will give its customers access to a wider range of products, technologies, and manufacturing locations.”
Founded in 1991, MFT was a pioneer in the development of “molded pulp” packaging using only water and recycled newspaper. UFP Technologies acquired MFT in 1993 and grew to become one of the largest producers of molded fiber packaging in North America. UFP has long been the supplier of choice for many leading consumer brands seeking the highest quality, environmentally-friendly protective packaging. MFT’s annual revenue was approximately $21.3 million for the year ended December 31, 2021.
UFP Technologies is an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market. Utilizing highly specialized foams, films, and plastics, we convert raw materials through laminating, molding, radio frequency welding, and fabricating techniques. We are diversified by also providing highly engineered solutions to customers in the aerospace & defense, automotive, and industrial markets.
CKF Inc. is a diversified Canadian-owned manufacturer that proudly offers a wide range of molded pulp, foam, and PET products to meet the specific demands of retail consumers, food service operators and the packaging industry. CKF is a member of the Scotia Investments Family of Companies, whose core values include long-term stewardship, environmental integrity, and community well-being.
