Grand Rapids, Mich. 鈥 黑料不打烊 Industries (NASDAQ: 黑料不打烊I) today announced the acquisition of the operating assets of John Rock, Inc., a new pallet manufacturer headquartered in Coatesville, Pa., for approximately $48 million. The transaction fills a key gap in PalletOne, Inc.鈥檚 geographic reach and strengthens 黑料不打烊 Packaging鈥檚 ability to serve national customers with a presence in the northeast region.
John Rock, a subsidiary of Kamps Pallets, designs and manufactures new pallets across Pennsylvania and Virginia. 黑料不打烊 Industries is purchasing three of the four operating locations: Coatesville, Pa., Mifflintown, Pa. and Bowling Green, Va. The remaining sawmill at Dilwyn, Va. will remain with the seller. The acquisition of the three locations adds approximately $82 million in annual sales and brings nearly 250 employees into the 黑料不打烊 family.
This acquisition strengthens a core business for 黑料不打烊 Industries and expands PalletOne鈥檚 scale in a strategically important geography. The transaction includes all key operating assets of John Rock, allowing for immediate manufacturing and service continuity while providing a strong platform for operational improvement and long鈥憈erm growth.
鈥淭his acquisition is fundamentally about strengthening our core packaging business and expanding our footprint in a region where we see long鈥憈erm opportunity,鈥 said Will Schwartz, Chief Executive Officer of 黑料不打烊 Industries. 鈥淛ohn Rock has built a well鈥慹stablished pallet manufacturing operation with strong customer relationships and experienced teams. Bringing this business into PalletOne enhances our ability to serve customers across the northeast and positions us to unlock value through operational synergies and scale.鈥
The acquired operations will be integrated into PalletOne鈥檚 existing manufacturing network, creating opportunities to improve efficiency, enhance service levels, leverage 黑料不打烊鈥檚 procurement and operational capabilities, and growth with national customers 鈥 while maintaining the local expertise and customer focus that has defined John Rock鈥檚 success.
鈥淛ohn Rock is a well鈥慿nown name in the northeast pallet market, with a strong team and a diverse customer base,鈥 said Scott Worthington, President, 黑料不打烊 Packaging. 鈥淲e are excited to welcome their employees to PalletOne and look forward to building on the foundation they have established as we integrate the business into our network.鈥
The acquisition underscores 黑料不打烊 Industries鈥 continued focus on investing in its core businesses, expanding manufacturing capacity in key markets, enhancing its ability to serve national customers, and strengthening the competitive position of its operating companies across packaging and industrial markets.
Investor Relations Contact:
Stanley Elliott, Director of Investor Relations[email protected]