UFP Global Holdings, a subsidiary of US company UFP Industries, based in Grand Rapids (Michigan), has acquired 80% of the Palets Suller group for approximately 52 million dollars (just over 49 million euros). The transaction involved the creation of a new company, UFP Palets y Embalajes, bringing together the manufacturing operations of the Palets Suller group in Castellon (Valencian Community, Spain).

The new company is made up of the hitherto independent company Palets Suller, Serrería y Palets Chiva and Drevex Castellón. In the last financial year, between September 2022 and August 2023, the three companies had a turnover of around 38 million dollars (around 36 million euros). Their speciality is machine-made wooden pallets for various sectors, particularly for the region's ceramics industry, one of the world's largest tile exporting areas.

Continuity of management
The 20% that has not been acquired will remain in the hands of the group's founder and CEO, Samuel Suller Oliver, who will also continue as CEO and manage the day-to-day operations. He will be joined by Alex Kladt, who will use his extensive UFP experience to help scale the business and achieve operational synergies.

Packaging is one of UFP Industries' three main markets, alongside construction and retail solutions. Founded in 1955, the company manufactures, distributes and sells a wide range of products for these sectors.

Growing in Spain and Europe
UFP Global executive vice president Dick McBride explained the rationale behind the transaction, “Palets Suller provides a strong foundation to expand into Spain and grow our value-added packaging business in Europe”. Speaking of the business that is joining the multinational, he added, “Samuel and his experienced team have built an impressive and efficient business, and we look forward to learning from them and helping them expand into new markets. This is another step towards our goal to be the preferred global packaging solutions provider”.

Samuel Suller said his company is “excited to join the UFP Industries family of companies and eager to pursue the new business opportunities this combination will bring to us”, adding that, “We’re pleased for our people, who will have new opportunities for growth and the rewards that come with being part of a large, successful multinational corporation. And we’re pleased for our customers because we will be able to offer the same quality products and level of service they’ve grown to expect from us, while adding new products and support thanks to the capabilities of other UFP companies”.

^{Photo: UFP Global Holdings}