UFP Technologies, Inc. operates as a designer and custom converter of foams, plastics, composites, and natural fiber materials, providing solutions to customers primarily within the medical, automotive, aerospace and defense, and packaging markets in the United States. The company converts these materials using laminating, molding, and fabricating manufacturing technologies. The company’s products include foam, plastic, and fiber packaging solutions, and component products. The majority of the company’s products are custom designed and manufactured for its customers’ needs. Segments The company operates through two segments, Component Products and Packaging. Component Products This segment specializes in engineered products that use the company’s close tolerance manufacturing capabilities, its expertise in various foam materials and lamination techniques, and its ability to manufacture in clean room environments. The company’s component products are sold primarily to customers in the medical, automotive, sporting goods, beauty, and aerospace and defense industries. These products include automotive interior trim, medical device components, disposable wound care components, athletic padding, abrasive nail files and other beauty aids, air filtration, high-temperature insulation, and military uniform and gear components. The company has developed various standard products that are branded, and in some cases, trademarked and patented. These products include Wine Packs (wine shipping solutions made from molded fiber); T-Tubes (tube and pipe insulation for clean room environments); BioShell (pharmaceutical bag protection system); Pro-Sticks (sanitary solution for nail care services); FlexShield (medical device pouch for protecting small instruments and tools); and Erasables (multi-purpose cleaning eraser). Packaging Solutions This segment designs, manufactures, and markets a range of packaging solutions primarily using polyethylene, polyurethane, cross-linked polyethylene foams, and rigid plastics. These solutions are custom-designed and fabricated or molded to provide protection for less durable, higher-value items, and are primarily sold to original equipment and component manufacturers. The company’s packaging solutions include foam inserts for protective shipping cases and end-cap packs for electronics. The company’s engineering personnel collaborate directly with customers to study and evaluate specific customer requirements. Based on the results of this evaluation, packaging solutions are engineered to customer specifications, using various types and densities of materials with the goal of providing the desired protection for the lowest cost and with the lowest physical package volume. Marketing and Sales The company markets and sells its packaging and component products in the United States principally through direct regional sales forces, such as skilled engineers. The company also uses independent manufacturer representatives to sell its products. The company markets a line of products to the health and beauty industry, primarily through distributors. Research and Development The company’s research and development expenses were approximately $1.2 million for the year ended December 31, 2013. Patents and Other Proprietary Rights Wine Packs, T-Tubes, BioShell, Pro-Sticks, FlexShield, and Erasables are the company’s U.S. registered trademarks. The company has a total of 22 active patents. 12 are in the Packaging segment, including 2 relating to its molded fiber technology (including certain proprietary machine designs). The remaining 10 patents in the Packaging segment relate to technologies including foam, packaging, and tool control technologies. In the Component Products segment, the company has 10 active patents relating to automotive superforming process technologies and to certain nail file technologies. The company also has patent applications in process. The expiration dates for the company’s patents range from 2014 through 2029. History UFP Technologies, Inc. was founded in 1963. The company was incorporated in the state of Delaware in 1993.
ufp technologies inc (UFPT:NASDAQ CM)
172 East Main Street
Georgetown, MA 01833
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