UFP Packaging, a division of UFP Industries (NASDAQ: UFPI), announced the acquisition of Berry Pallets, Inc., a pallet manufacturer based in Waseca, Minnesota. The transaction was disclosed in a company press release.

The acquisition extends UFP Packaging's pallet manufacturing network into the Upper Midwest region. Berry Pallets operates a manufacturing facility in Waseca and serves customers in the regional market.

"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," said Scott Worthington, President of UFP Packaging.

Justin Elwell, Executive Vice President of PalletOne, UFP Packaging's national pallet business, stated that Berry Pallets brings "a well-run facility, a loyal customer base, and a team that knows their market."

According to the press release, the acquisition supports UFP Industries' capital allocation strategy, which focuses on investments in higher-margin businesses and expansion of manufacturing capacity in markets serving national customers.

UFP Packaging describes itself as a provider of industrial packaging solutions and identifies as the largest producer of wooden pallets and crates in the United States. The company is headquartered in Grand Rapids, Michigan.

UFP Industries, founded in 1955, operates subsidiaries that manufacture and distribute value-added products for residential and commercial applications. The company has operations in North America, Europe, Asia, and Australia.

The companies did not disclose financial terms of the acquisition.