UFP Industries, Grand Rapids, Mi., has agreed to purchase 100% of the equity in Sunbelt Forest Products owner PalletOne, Bartow, Fl., for $232 million through its UFP Industrial division.
Sunbelt operates five pressure-treating plants in the Southeast. PalletOne also has 17 pallet manufacturing facilities in the southern and eastern regions, and supplies other specialized industrial packaging, including custom bins and crates.
UFP also agreed to pay $18 million for PalletOne’s recent capital expenditures. The deal was set to close on Dec. 28, 2020.
Current PalletOne management, including president Howe Wallace, will continue to lead the company.