UFP Packaging Expands Upper Midwest Pallet Manufacturing Footprint with Acquisition of Berry Pallets

UFP Packaging (NASDAQ: UFPI) announced the acquisition of Berry Pallets, Inc., a pallet manufacturer in Waseca, Minn., expanding UFP Packaging's pallet manufacturing footprint into the Upper Midwest.

Rhea-AI Summary

UFP Packaging (NASDAQ: UFPI) announced the acquisition of Berry Pallets, Inc., a pallet manufacturer in Waseca, Minn., expanding UFP Packaging's pallet manufacturing footprint into the Upper Midwest. The deal supports UFP Industries' capital allocation strategy focused on core, higher-margin businesses, disciplined M&A, and expanded manufacturing capacity for national customers.

UFP Packaging said Berry Pallets offers a well-run facility, loyal customers, and a local team; PalletOne will provide stability, investment, and broader resources while preserving existing operations.

Positive

• Geographic expansion into the Upper Midwest via Berry Pallets acquisition
• Adds locally loyal customer base and an established manufacturing facility
• Supports capital allocation focused on core, higher-margin businesses and disciplined M&A
• PalletOne brings national resources and robotic/automated manufacturing expertise

Negative

• None.

Argus Apr 29 session

-2.93% close to close Open Argus

Details

News Market Reaction – UFPI

In the Apr 29 session, UFPI declined 2.93%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement extends UFP Packaging’s pallet network into the Upper Midwest through the Berry Pa...

Analysis

This announcement extends UFP Packaging’s pallet network into the Upper Midwest through the Berry Pallets acquisition, adding roughly $23M in annual sales and 75 employees. It fits a broader pattern of targeted M&A and capacity expansion seen in prior Deckorators and pallet deals. Investors may watch integration execution, capital deployment across higher‑margin segments, and subsequent earnings commentary to gauge how this transaction supports UFPI’s multi‑region growth strategy.

Key Figures

Berry Pallets purchase price: $20 million Berry Pallets annual sales: $23 million Berry Pallets employees: 75 employees +5 more

Berry Pallets purchase price

$20 million

Acquisition of Berry Pallets operating assets per 8-K filed 2026-04-28

Berry Pallets annual sales

$23 million

Approximate annual sales contributed by Berry Pallets per 8-K

Berry Pallets employees

75 employees

Employees expected to join UFP Packaging via Berry Pallets acquisition

Berry deal closing date

May 18, 2026

Expected closing date for Berry Pallets transaction per 8-K

C&L trailing sales

$24.8 million

Trailing 12‑month sales for C&L Wood Products through Nov 2024

C&L employees

115 employees

Employee count at C&L Wood Products at time of acquisition

Quarterly dividend

$0.36 per share

Dividend declared in 8-K dated 2026-04-23, payable June 15, 2026

Dividend increase

3% increase

Increase vs. 2025 dividend rate per 8-K dated 2026-04-23

Previous Acquisition Reports

3 past events · Latest: Apr 06

Same Type 3 events

1. Apr 06

   Capacity acquisition

   24h Move

   +0.3%

   Deckorators acquired MoistureShield assets to expand WPC capacity and technology.

2. Mar 31

   Facility expansion

   24h Move

   +0.7%

   Acquisition of 30-acre site for new Deckorators facility to double capacity.

3. Jan 06

   Pallet acquisition

   24h Move

   +0.6%

   UFP Packaging bought C&L Wood Products to extend pallet footprint in the Southeast.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

8-k, form 4, phantom stock units, deferred compensation plan, +1 more

5 terms

8-k regulatory

"title": "[8-K] UFP INDUSTRIES INC Reports Material Event""

An 8-K is a public report companies must file with the U.S. Securities and Exchange Commission to disclose major events or changes that shareholders should know about, such as leadership changes, mergers, financial surprises, or legal developments. It matters to investors because it acts like a breaking-news alert for a company’s health and prospects—providing timely facts that can affect stock value and investment decisions.

View in glossary

form 4 regulatory

"title": "[Form 4] UFP INDUSTRIES INC Insider Trading Activity""

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

View in glossary

phantom stock units financial

"received a grant of 12 Phantom Stock Units tied to the company’s common stock."

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

deferred compensation plan financial

"These units were accrued under the company’s Deferred Compensation Plan and are payable"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

401(k) plan financial

"He also reported indirect holdings of 2,469 shares through a 401(k) Plan and 10,884 shares"

A 401(k) plan is a workplace retirement account that lets employees set aside part of their pay into a tax-advantaged savings pot, often with employers adding matching contributions — like a workplace piggy bank for future income. It matters to investors because the amount people save and how employers fund these plans influence consumer spending, corporate payroll costs and the flow of money into financial markets, which can affect stock prices and company valuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GRAND RAPIDS, Mich., April 29, 2026 /PRNewswire/ -- UFP Packaging, a division of UFP Industries (NASDAQ: UFPI), announced this week the acquisition of Berry Pallets, Inc., a pallet manufacturer based in Waseca, Minn.

 The transaction extends UFP Packaging's national pallet manufacturing network into the Upper Midwest — and reflects a deliberate effort to building a business that can grow alongside national customers to every corner of the country and North America.

"The way we build a truly national network isn't by planting a flag and moving on, it's by finding the right businesses in the right markets, investing in them, and scaling from a strong foundation," said Scott Worthington, President of UFP Packaging. "Berry Pallets has exactly the kind of base we look for: a well-run operation, deep customer loyalty, and a team that has earned the trust of their market. That's what gives us the platform to grow in the Upper Midwest and well beyond. And as that network scales across regions, the efficiencies we create translate directly into value for our customers."

"Berry Pallets brings exactly what we look for in an acquisition: a well-run facility, a loyal customer base, and a team that knows their market," said Justin Elwell, Executive Vice President of PalletOne, UFP Packaging's national pallet business. "Our role is to provide the operation with the stability, investment, and broader resources to grow — without disrupting what has made them successful. When you build into a region the right way, you create the kind of strength that national customers can depend on."

The acquisition advances UFP Industries' capital allocation strategy, which prioritizes investments in core, higher-margin businesses, disciplined M&A, and the expansion of manufacturing capacity in markets that support national customers across packaging and industrial end uses. For UFP Packaging, the strategy is as much about depth as it is about reach — acquiring businesses with proven track records, investing in their growth, and building a multi-region platform where scale drives efficiency and customers benefit from more competitive, consistent service from the Upper Midwest to every corner of North America.

About UFP Packaging UFP Packaging is a leading North American provider of industrial packaging solutions and the largest producer of wooden pallets and crates in the United States. Headquartered in Grand Rapids, Mich., UFP Packaging is a member of the UFP Industries (NASDAQ: UFPI) family of companies.

About PalletOne A UFP Packaging company, PalletOne is the nation's largest single-source pallet manufacturer. Headquartered in Bartow, Fla., the company manufactures pallets, provides pallet repair programs, recycles used pallets, and produces a variety of other wood products — including customized services such as Pallet Concierge™ and wood packaging design, engineering, and testing. PalletOne is an industry leader in robotic and automated pallet manufacturing. For more information, visit www.palletone.com. 

About UFP Industries UFP Industries' operating subsidiaries manufacture, distribute, and sell a wide variety of value-added products used in residential and commercial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia, and Australia. For more information, visit www.ufpi.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ufp-packaging-expands-upper-midwest-pallet-manufacturing-footprint-with-acquisition-of-berry-pallets-302757546.html

SOURCE UFP Industries, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did UFP Packaging announce on April 29, 2026 regarding Berry Pallets (UFPI)?

UFP Packaging announced the acquisition of Berry Pallets, a Waseca, Minn. pallet manufacturer. According to the company, the transaction expands its pallet manufacturing footprint into the Upper Midwest and integrates Berry Pallets into PalletOne's national network.

How does the Berry Pallets acquisition affect UFP Industries' strategy (UFPI)?

The acquisition aligns with UFP Industries' capital allocation strategy prioritizing core, higher-margin businesses and disciplined M&A. According to the company, it expands manufacturing capacity to better serve national customers across North America.

What reasons did UFP Packaging give for buying Berry Pallets (UFPI)?

UFP Packaging cited Berry Pallets' well-run facility, loyal customer base, and experienced team as key reasons. According to the company, these attributes provide a platform to invest, scale regionally, and deliver stable service to national customers.

Will PalletOne change Berry Pallets' operations after the UFPI acquisition?

PalletOne said it will provide stability, investment, and broader resources while avoiding disruption to existing operations. According to the company, the intent is to preserve what made Berry Pallets successful while enabling growth within a national platform.

What does the Berry Pallets deal mean for UFPI shareholders and customers?

The company positions the deal as enhancing national reach and manufacturing depth for customers in the Upper Midwest. According to the company, the acquisition is intended to translate regional efficiencies into more consistent service and value for customers.