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UFP Technologies, Inc.
Company typePublic
Nasdaq: UFPT
Russell 2000 Component
S&P 600 Component
IndustryHealth Care Products Manufacturing
Founded1963; 61 years ago (1963)
Headquarters
Newburyport, Massachusetts
,
United States
Key people
  • R. Jeffrey Bailly (chairman, CEO, and president)
  • Ronald J. Lataille (SVP, treasurer and CFO)
  • Christopher P. Litterio, Esq. (general counsel and SVP, Human Resources)
  • Mitchell C. Rock (president, MedTech)
  • Steve Cardin (VP, COO, MedTech)
  • Jason Holt (VP and General manager, Advanced Components)
[1]
ProductsCustom Medical Devices, Sub assemblies, Components and Packaging
Revenue$353.8 MM (2022)[2]
Number of employees
2,665(2022)[2]

UFP Technologies, Inc., founded in 1963 and based in Newburyport, Massachusetts, is a designer and custom manufacturer of medical devices, sterile packaging, and other products.[3]

Products and services

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UFP Technologies manufactures its products by converting raw materials using laminating, molding, radio frequency and impulse welding and fabricating manufacturing techniques. The company's single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants.

UFP Technologies, however, is diversified in also providing highly engineered products and components to customers in the aerospace, defense, automotive, consumer, electronics, and industrial markets.  Typical applications include military uniform and gear components, automotive interior trim, athletic padding, environmentally friendly protective packaging, air filtration, abrasive nail files, and protective cases and inserts utilizing a variety of materials such as foam (cross-linked polyethylene, reticulated, melamine, specialty foam), woven and non-woven fabric, plastics (rigid, rubber, corrugated), natural fibers, films and adhesives.[4]

The Company has also developed a line of standard products that are trademarked and branded, including:

  • FlexShield – a flexible thermoplastic polyurethane film used for medical packaging, component, and product applications.[5]
  • BioShell – a container system designed to protect single-use bioprocess bags during storage, handling and shipping.[6]
  • CryoShell – an insulated shipper is to keep BioShells and other bioprocess bag container systems within an adequate temperature range during transportation.[4]
  • T-Tubes – insulation system specifically developed for process lines in cleanroom environments.[6]
  • Tri-Covers – foam caps designed to block and protect sanitary ends.[7]
  • FirmaLite – lightweight, high strength automotive load floor made from a patented composite structure[8]
  • Pro-Sticks – reusable sanitizable nail file system.[9]

Corporate history

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UFP Technologies, formerly known as United Packaging Corporation, was founded in 1963 by William H. Shaw, Robert W. Drew, and Richard L. Bailly in Woburn, MA. Within one year the company expanded operations and moved its factory headquarters to Georgetown, MA. In 1967, the company changed its name to United Foam Plastics Corporation to reflect a broader market capability. On December 17,1993 the company completed its initial public offering and formally changed its name to UFP Technologies, Inc.[10][11]

In 2023, UFP Technologies was added to the S&P SmallCap 600 index.[12]

Acquisitions

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In 1993, the Company acquired Moulded Fibre Technologies, which focused on recycling old newspapers into molded fiber packaging for light industrial goods, electronics, and health and beauty products.[13][14]

On February 4, 1997, UFP Technologies acquired the assets of FCE Industries Inc., formerly known as Foam Cutting Engineers, a supplier of foam plastics for industrial and consumer applications.[15]

UFP Technologies acquired Pacific Foam Inc., a producer of specialty foam products for the health and beauty industry, in December 1998.[16]

In 2000, UFP Technologies acquired Simco Industries Inc., a full-service supplier of automotive trim components.[17]

UFP Technologies acquired three companies in 2009: Advanced Materials Group, a foam fabricator based in Rancho Dominguez, California,[18] Foamade Industries Inc., a manufacturer of foam products and industrial machinery[19] and E.N. Murray, a designer, converter, and distributor of foam plastic products, specializing in technical polyurethane foams.[20]

In January 2013, UFP Technologies acquired Packaging Alternatives Corporation, a full service designer, converter, and distributor of foam plastic products, specializing in technical polyurethane foams principally for the medical market.[21]

On February 2, 2018, UFP Technologies announced the acquisition of Dielectrics, Inc. based in Chicopee, MA, a designer, developer, and manufacturer of medical devices using thermoplastic materials as well as the innovator of the Reebok Pump introduced in 1989.[22][23]

On October 13, 2021, UFP Technologies acquired Contech Medical. Founded in 1987 and headquartered in Providence, Rhode Island, with partner manufacturing in Costa Rica, Contech Medical is a global leader in the design, development, and manufacture of class III medical device packaging primarily for catheters and guidewires.[24]

On December 23, 2021, UFP Technologies acquired DAS Medical. Founded in 2010 and headquartered in Kennesaw, Georgia, with manufacturing in the Dominican Republic, DAS is a medical device contract manufacturer specializing in the design, development and production of single-use surgical equipment covers, robotic draping systems and fluid control pouches.[25]

On March 17, 2022, UFP Technologies acquired Advant Medical. Founded in 1993 and headquartered in Galway, Ireland, with operations in Costa Rica and partner manufacturing in Mexico, Advant Medical is a developer and manufacturer of Class I, II, and III medical devices and packaging.[26]

On July 7, 2022, UFP Technologies announced the sale of its Molded Fiber business to CKF, Inc.[27]

Investments

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In September 2013, UFP Technologies spent approximately $550,000 to build its sixth clean room, aiming to expand further into the medical device field.[28][29]

In August 2014, UFP Technologies expanded its Georgetown, MA, operation with the addition of a clean room and high-volume equipment to support the production of components made from medical grade thermoplastic polyurethane.[30]

UFP Technologies expanded its North American operations for molded fiber packaging with a new location in El Paso, Texas, in November 2014.[31]

In 2016, UFP Technologies relocated its corporate headquarters from Georgetown, MA, to Newburyport, MA.[32]

On June 28, 2022, UFP Technologies opened a new medical manufacturing operation in Tijuana, Mexico. The 84,000-square-foot, FDA-registered facility features a cleanroom and clean space medical device manufacturing and assembly.[33]

References

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  1. ^ "Executive Officers".Official website Edit this at Wikidata
  2. ^ a b "2022 ANNUAL REPORT" (PDF). ufpt.com. Retrieved 2023-12-26.
  3. ^ "UFP Technologies 2022 10K" (PDF).
  4. ^ a b "Single-Use Bioprocess Bag Protection | BioShell by UFP Technologies". BioShell.com. Retrieved 2020-08-06.
  5. ^ "UFP Technologies, Inc: Medical device pouch".
  6. ^ a b "UFP Technologies Inc (UFPT.O)". Reuters.
  7. ^ "Sanitary End Caps Prevent Particle Migration".
  8. ^ "FirmaLite® Load Floors". www.ufpt.com. Retrieved 2019-04-03.
  9. ^ "Design nail".
  10. ^ "UFP STOCK OFFERING RAISES CASH - Plastics News". Retrieved 2016-07-14.
  11. ^ "Specialists in Foam Fabrication & Molded Pulp Production | UFP Technologies". www.ufpt.com. Retrieved 2016-07-14.
  12. ^ "S&P Global".
  13. ^ Cassidy, Tina (Jun 18, 1995). "To recyclers, the proof is in the packaging". Boston Globe. Retrieved 13 January 2015.
  14. ^ McCloy, Andrew (August 26, 1993). "Maine buyout expands United Foam's market". The Eagle Tribune.
  15. ^ "UFP BUYS FCE INDUSTRIES' ASSETS".
  16. ^ "THERMOFORMER UFP PURCHASES PACIFIC FOAM".
  17. ^ "UFP Technologies Acquires Simco Industries, Inc".
  18. ^ "UFP Technologies Acquires Selected Assets of Advanced Materials". Bloomberg News.
  19. ^ "Company Overview of Foamade Industries, Inc". Archived from the original on January 19, 2015.
  20. ^ "UFP Technologies Acquires E.N. Murray Co". Bloomberg News.
  21. ^ "UFP Technologies Acquires Packaging Alternatives Corporation". Bloomberg News.
  22. ^ "UFP Technologies acquires Dielectrics, Inc". Yahoo News.
  23. ^ ""When People Get Out of My Way, I Can Create Magic:" The World According to Steven Smith". www.withotis.com. Retrieved 2021-03-24.
  24. ^ "UFP Technologies Acquires Contech Medical For Undisclosed Sum". finance.yahoo.com. Retrieved 2022-05-19.
  25. ^ "UFP Technologies scoops up DAS Medical; terms undisclosed (NASDAQ:UFPT) | Seeking Alpha". seekingalpha.com. Retrieved 2022-05-19.
  26. ^ "UFP Technologies buys Ireland-based Advant Medical". Plastics News. 2022-03-18. Retrieved 2022-05-19.
  27. ^ "UFP Technologies News".
  28. ^ "UFP Technologies opens new clean room".
  29. ^ "UFP Technologies Expands Illinois Plant".
  30. ^ "Medical manufacturer adds clean room, machinery".
  31. ^ "UFP Technologies expands molded fiber operations".
  32. ^ WRITER, DYKE HENDRICKSON STAFF. "UFP to relocate jobs to Newburyport from Georgetown, Haverhill". Retrieved 2016-07-14.
  33. ^ "UFP Technologies expands to Mexico | Seeking Alpha". seekingalpha.com. Retrieved 2022-07-12.
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