Scotia Investments and CKF to purchase Molded Fiber Technology from UFP Technologies and rename it to MFT-CKF; Molded Fiber Technology produces protective packaging for consumer goods, electronics and industrial products, has plants in Iowa and Texas

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HANTSPORT, Nova Scotia , July 27, 2022 (press release) –

Scotia Investments Limited (SIL), together with CKF, Inc (CKF) have reached an agreement with US-based parent company UFP Technologies Inc (UFP) that CKF will purchase UFP's Molded Fiber Technology Inc. (MFT). The new corporate entity will be known as MFT-CKF, Inc.

MFT designs, manufactures, and distributes environmentally responsible protective packaging solutions for the consumer goods, electronics, and industrial products markets across North America from their plants in Clinton, Iowa and El Paso, Texas. CKF manufactures molded pulp, foam and PET products for the food service, packaging and retail sectors, servicing customers globally from their five plants across Canada.

MFT's industry stature together with their successful track record and the growing consumer demand for more widely recyclable packaging assures a long term and viable future. Customers will benefit from the combined forces of the two organizations as both are committed to investing in employees, capacity and products that deliver competitive and high-quality sustainable packaging solutions.

"We are excited to be joining forces with the team at MFT. As proven market leaders in the production of molded pulp protective packaging, they are known by their customers and industry peers for their quality products, technological innovation, and their focus on sustainability. MFT's products are complementary to our core competencies," said Ian Anderson, President of CKF. "Together, our employees, the products we make and the customers we serve are well aligned and we look forward to working with the team at MFT to support their growth while deepening and broadening our reach into the US market," added Anderson.

SIL President and Chief Executive Officer Randy MacMillan added, "On behalf of our Board and Shareholding Family, I extend a warm welcome to the employees of MFT. We are looking forward to our future together and the synergies that will come as a result of this acquisition. We continue to invest in growth opportunities and organizations whose employees and customers value leading-edge sustainable products, long-term stewardship, environmental integrity, and community well-being."

"Molded Fiber Technologies has been a valued part of the UFP family for many years," said R. Jeffrey Bailly, chairman and CEO of UFP Technologies. "Its innovative, talented, and customer-focused team will be better positioned to grow and improve the business as part of CKF, a global leader in sustainable molded fiber packaging solutions," Bailly continued. "Although it is difficult to part with such a wonderful business, UFP now focuses primarily on serving the MedTech market. We wish the MFT team and their new partners at CKF great success."

MFT's senior management team will stay in their respective positions and continue running the businesses, helping with a smooth and orderly transition. For now, and the near future, it is business as usual. Company leadership will further communicate as the organizations progress through the transition stage.

About CKF Inc.

CKF Inc. is a diversified Canadian-owned manufacturer that proudly offers a wide range of molded pulp, foam, and PET products to meet the specific demands of retail consumers, food service operators and the packaging industry. CKF is a member of the Scotia Investments Family of Companies, whose core values include long-term stewardship, environmental integrity, and community well-being.

R.A. Jodrey established Canadian Keyes Fibre Company Limited in the summer of 1933, during the worst of the Great Depression years. The Company began with a single plant in Hantsport, NS - manufacturing pie plates and cake circles for bakeries. CKF has experienced uninterrupted growth since its establishment and now operates 5 plants across the country - Hantsport, Rexdale, two in Langley, and Delta - employing over 700 people. Nationally recognized brand Royal Chinet® is one of CKF's best known products and stands as a symbol for many Canadians of family, friends, and joyous occasions.

About Scotia Investments Ltd.

The Scotia Investments Family of Companies (SIL) is headquartered in Bedford, Nova Scotia, and owned by descendants of the late Nova Scotia industrialist, Roy A Jodrey, including the Bishop, Brotz, Jodrey, and Langille Families. SIL is diversely invested in manufacturing, energy, innovative health, and environmental sectors in six Provinces of Canada, and has approximately 1300 employees. Current Member companies include BioMedica Diagnostics Inc., CKF Inc., Crown Fibre Tube Inc., Maritime Paper Products Limited Partnership, Minas Basin Pulp and Power Company Limited, Scotia Recycling Limited, and Timberland Holdings (2010) Limited.  As part of the ongoing legacy of the founder and the core values held by the shareholding family, the company continues to invest in growth opportunities and organizations whose employees and customers value leading-edge sustainable products, long-term stewardship, environmental integrity, and community well-being.

About UFP Technologies

UFP Technologies is an innovative designer and custom manufacturer of components, subassemblies, products, and packaging primarily for the medical market. Utilizing highly specialized foams, films, and plastics, they convert raw materials through laminating, molding, radio frequency welding, and fabricating techniques. UFP is diversified by also providing highly engineered solutions to customers in the aerospace & defense, automotive, consumer, electronics, and industrial markets.

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