In a significant move to bolster its international operations, UFP Technologies (NASDAQ:UFPT) has announced its acquisition of Ireland-based AQF Medical, a renowned custom manufacturer of engineered foam and thermoplastic components
The deal, valued at €43 million in cash, includes AQF Medical's joint venture operations in Singapore, aiming to bolster UFP's presence in Europe and Asia.
R. Jeffrey Bailly, Chairman and CEO of UFP Technologies, shared his excitement about the acquisition, stating, "We are excited about the addition of AQF Medical, our fourth acquisition in the past few months"
Seamus Fagan, Managing Director of AQF Medical, also expressed enthusiasm about joining the UFP family, stating, "We are extremely pleased to join the UFP family and look forward to working together to create new opportunities."
Following the announcement, UFP Technologies share price were up 0.67%.