UFP Industries makes equity investment in Italian company

Matthew Missad Courtesy UFP Industries

UFP Industries recently made an equity investment in a logistics and packaging company in Italy, expanding its international industrial packaging presence.

The Grand Rapids-based holding company UFP Industries (Nasdaq: UFPI) said this month its affiliate, UFP Global Holdings, completed an equity investment in Milan, Italy-based Enwrap Logistic & Packaging.

Enwrap is a newly formed company dedicated to the logistics and packaging business of its predecessor, Job Service S.p.A. Enwrap provides high-value, mixed material industrial packaging and logistics services through eight locations in Italy. These locations generated about $14 million in sales in 2019.

Luigi Postiglione, president and managing director of Job Service, will lead the new joint venture.

“The Enwrap team is the type of partner we have been seeking to establish our presence in Europe,” said Dick McBride, UFP’s executive vice president of international operations. “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.”

Postiglione said Enwrap is “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,” he said. “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.”

UFP Industries CEO Matthew Missad said the partnership will help UFP on the world stage.

“UFP Global continues to serve UFP customers in other parts of the world, and this business helps us serve customers in central and southern Europe,” he said. “We look forward to helping Mr. Postiglione grow Enwrap into an even better company.”

UFP Industries

Founded in 1955, UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to three markets: retail, construction and industrial.

The company is headquartered in Grand Rapids with affiliates throughout North America, Europe, Asia and Australia.

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