Universal Forest Buys 80% Stake In Certain Packnet Assets

(RTTNews) - Universal Forest Products Inc (UFPI) Tuesday announced that one of its subsidiaries has acquired an 80 percent interest in certain assets of Packnet Ltd, with the ability to purchase the remaining 20 percent in three years.

Packnet is a supplier of industrial packaging and services based in Eagan, Minn. The acquisition further expands Universal's industrial business and its manufacturing and design capabilities.

Packnet designs, manufactures and supplies packaging products and related accessories to provide total packaging solutions to a growing list of customers. Founded in 1987, it had sales of nearly $9 million in the past year. It operates out of a single location in Eagan, Minn. Owner and CEO Mike Nyberg, will stay on at the helm of the operation.