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UFPI Affiliate Acquires Packnet

Subsidiary buys 80 percent of company with option to purchase remainder in three years.

A subsidiary of Universal Forest Products Inc. (NASDAQ: UFPI), Grand Rapids, MI, has acquired 80 percent of Packnet Ltd., Eagan, MN, with the option to buy the remaining 20 percent in three years. Terms were not disclosed.

Packnet, which designs, manufactures and supplies packaging products and related accessories, had sales of nearly $9 million in the past year.

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