Wood Container and Pallet Manufacturing (U.S.)

NAICS 2022 code 321920 — an investor's primer

NAICS stands for the North American Industry Classification System, the standard code set the U.S. government uses to group businesses.

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1. Overview

Almost every physical good you buy spent part of its life sitting on a wooden pallet. Pallets — the flat, forklift-friendly platforms that goods are stacked and shipped on — are the unglamorous connective tissue of the entire physical economy. This industry makes them, along with wooden boxes, crates, and shipping containers.

It is a large but quiet business: roughly $18.3 billion in annual shipments and about 60,900 workers across some 2,800 plants in 2022–2023 [1][2]. (BLS sectoral output — a different measure that adjusts for inventories and excludes certain intra-industry shipments — was $15.4 billion in 2023, down 13.9% from $17.9 billion in 2022 [3][4].) Demand is derived — it rises and falls with how much stuff the economy is producing and moving, not with any product of its own. That makes it a clean, if lagging, read on industrial activity, freight, and consumer-goods volumes.

Why an investor cares:

• It is a cyclical bellwether. Pallet volumes track manufacturing and freight. When factories and warehouses slow, pallet orders slow first.
• It is a commodity-spread business. Owners live on the gap between lumber cost and pallet price. Wood is 50–70% of the cost of a new pallet, so lumber prices drive margins [17].
• The recycling and rental economics are better than the manufacturing. The most attractive money in pallets is often made not by cutting new wood but by collecting, repairing, and re-renting used ones.

Public vs. private ways in. There is no large U.S.-listed pure-play pallet maker. Public exposure runs through diversified names — UFP Industries (which owns the largest U.S. new-pallet manufacturer, PalletOne) and, for the rental side, Australia-listed Brambles (the CHEP pooling business) [9][10]. The far bigger opportunity set is private: a fragmented field of ~2,500 mostly family-owned firms plus fast-growing private-equity roll-ups. This is a classic "buy Main Street businesses" industry as much as a stock-market one.

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2. What it is and how it's structured

NAICS 321920 covers establishments primarily manufacturing wood pallets, pallet parts, wood boxes, box shook, crates, and other wood containers [18]. It spans three overlapping business models:

1. New-pallet manufacturers — buy lumber, cut and nail it into finished pallets.
2. Pallet recyclers / remanufacturers — collect used "cores," sort, repair, and resell them (and grind unusable ones into mulch, animal bedding, or biomass fuel).
3. Wood packaging / crating shops — custom boxes and crates for machinery, munitions, and export freight.

Most real-world firms do more than one. The line between "manufacturing" and "recycling" is blurry — a repaired pallet competes directly with a new one.

The physical process begins with purchased hardwood or softwood lumber, or sometimes integrated sawmilling. Lumber is cut into deck boards, stringers, or blocks; shaped and dried as necessary; assembled with nails or staples manually or on automated nailing lines; inspected; and, for international use, treated and marked [19]. Custom crates and skids follow a similar process but require more engineering and lower-volume fabrication.

What it EXCLUDES (and the adjacent codes):

• Plastic pallets → 326199 (Plastics Product Manufacturing). Metal pallets/containers → 332439 (Other Metal Container Manufacturing).
• Corrugated (paper/cardboard) boxes → 322130.
• The lumber itself → sawmills, 321113.
• Pallet pooling / rental — the CHEP and PECO rent-a-pallet businesses are classified in rental, leasing, and logistics (roughly NAICS 532/493), not here. This is important: the single most valuable franchise in the pallet economy sits outside this manufacturing code.

Ownership mix. Overwhelmingly private and local. Pallets are heavy, low-value, and uneconomic to ship empty over long distances ("you don't want to ship air"), so production is regional — plants serve a radius of roughly 150–250 miles. The result is thousands of small independents, a growing layer of PE-backed consolidators, and one publicly traded manufacturer of real scale (UFP/PalletOne). This freight-driven geography means national providers need many plants, partners, or brokers rather than one centralized factory — creating a two-layer market: fragmented local production and repair beneath a smaller number of national account managers and poolers.

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3. How big it is

Our federal figures for NAICS 321920:

For physical scale, industry surveys estimate the U.S. produces roughly 1 billion new wood pallets a year, repairs/remanufactures another ~280 million, and keeps about 3.7 billion pallets in circulation at any time [6][7]. A detailed 2016 USDA/Virginia Tech study found 513 million new pallets and 326 million recovered/repaired/remanufactured pallets sold that year; of new pallets, 35% were the standard 48×40-inch size, 76% were stringer pallets, 21% were block pallets, and the lumber mix was 55% softwood / 45% hardwood [7]. Pallet-making consumes on the order of 9.9 billion board feet of lumber annually — split ~8.1 billion softwood and ~1.8 billion hardwood — and accounts for roughly 38% of all sawn lumber used in the United States [6][7]. (A board foot is a unit of sawn timber, 12 in × 12 in × 1 in.)

Scope and undercount caveats.

• The $18.3 billion federal figure measures manufacturing value. It does not capture the pooling/rental economy (CHEP, PECO, iGPS), which is booked under leasing/logistics — so the total dollars flowing through "the pallet business" are larger than the manufacturing code shows. BLS sectoral output ($15.4 billion) is a different measure that adjusts for inventories and excludes certain intra-industry shipments, so it is not interchangeable with Census shipments [3].
• The 500-employee SBA size standard [5] is telling: the government treats firms with up to 500 workers as "small," and almost the entire industry qualifies. A large informal repair-and-recycle economy (small yards, owner-operators, cash core-buying) is easy to under-measure.
• Private market-research estimates of "the U.S. wood pallet market" range widely — from ~$4.6 billion (new pallets only) to $25–30 billion (all pallet types and services) [20] — because each defines the boundary differently. We lead with the federal manufacturing figure and flag the rest as scope-dependent.
• Annual "pallets produced" figures often add new pallets to repaired or remanufactured transactions. These are flows, not unique pallets, installed-base counts, or pallet trips.

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4. The investable universe

There is no large, U.S.-listed pure-play pallet manufacturer. Exposure is indirect. (Tickers and scale shown here for reference; see Section 10 for how to use them.)

Bottom line for public-market investors: you cannot buy "the pallet industry" directly. UFPI gives you the leading manufacturer bundled with two unrelated segments (retail and construction). Brambles/CHEP is the cleanest listed way to own pallet economics — but it is an Australian stock and a rental model, not a manufacturer. Everything else of scale is private. Note that CHEP's scale does not establish manufacturing concentration — CHEP primarily owns and pools assets, while UFP/PalletOne manufactures and sells pallets.

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5. How the money works

Three distinct profit engines, in ascending order of attractiveness:

a) New-pallet manufacturing — a thin commodity spread. The maker buys lumber, cuts deck boards and stringers, and nails them into pallets. Lumber is 50–70% of unit cost, so this is fundamentally a pass-through business: when wood prices rise, the maker tries to reprice; the margin is the thin, volatile spread that remains after labor [17]. Products may be sold at fixed prices or through formulas that combine a lumber index with a conversion and profit component. A producer holding higher-cost inventory while pallet prices fall — or buying rising-cost lumber under a temporarily fixed customer price — can lose margin quickly [25]. The economics reward scale purchasing (buying lumber cheaper), automation (nailing lines, reducing manual labor), plant density (serving customers within the short-haul radius), and capacity utilization. A standard 48×40 "GMA" pallet — the grocery-industry stringer pallet that became the U.S. default — has sold for roughly $11–17 new in 2025 [14][15]. Margins are structurally low: UFP's Packaging segment (which includes non-pallet products) earned ~16.6% gross margin in FY2025 [10].

b) Recycling / remanufacturing — the better margin. Recyclers acquire used pallets ("cores") very cheaply — sometimes they are paid to haul them away — then sort, repair a board or two, and resell. Because the raw material is nearly free and the value-add is modest labor, recovered pallets carry higher gross margins than new ones and sell for less (~$5–10) [14]. Roughly 95% of wood pallets are reused or recycled rather than landfilled, which both caps new-pallet demand growth and creates a durable, higher-return repair economy [6][8]. USDA research estimated that only 13.1 million pallets reached landfills in 2016, more than 90% fewer than the 138 million reported for 1998 [26]. This is where the smart consolidation money (e.g., 48forty) is concentrating.

c) Pallet pooling / rental — the franchise, but outside this code. Poolers like CHEP and PECO own a giant fleet of premium block pallets and rent them per trip. Customers pay for use, not ownership; pallets are collected, inspected, and re-issued. This is an asset-heavy, recurring-revenue model whose key metrics are the pool size, trips per pallet per year, cost-to-serve, and — critically — the loss/"shrinkage" rate (pallets that vanish from the network). Brambles' CHEP Americas segment reported FY2025 revenue of $3.67 billion, operating profit of $737 million, capital expenditure of $567 million, and average capital invested of $3.32 billion — illustrating an asset-heavy network business, not manufacturing margins [11]. It earns higher and steadier returns than manufacturing, which is why it is the most valuable part of the pallet world. Note again: it is classified in leasing, not in NAICS 321920.

Metrics that matter for owners: the lumber-to-pallet spread, unit volumes (a proxy for freight/industrial activity), capacity utilization, core recovery and repair rates, plant/route density, and, for poolers, pool size and loss rate.

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6. What drives demand

Pallet demand is derived from the movement of goods, so the drivers are macro and industrial:

• Industrial production and freight. Factory output, warehouse throughput, and truck/rail volumes are the primary pulse. Purchasing-manager surveys (PMI — Purchasing Managers' Index) and freight indices lead pallet orders. Demand is better correlated with manufactured and distributed tonnage than with headline GDP, parcel counts, or e-commerce sales alone.
• Food, beverage, and consumer staples. The largest and steadiest end-market; groceries move on pallets regardless of the cycle, which puts a floor under demand [6].
• E-commerce and warehousing. The build-out of distribution centers and fulfillment networks has structurally lifted pallet use over the past decade [6]. Warehouse automation favors dimensional consistency, flat deck boards, reliable fasteners, and documented load performance — broken boards or protruding nails can stop automated handling equipment [27].
• Inventory cycles. When retailers and manufacturers restock, pallet demand jumps; when they destock (as in 2023–24), it falls faster than end-demand — an amplifier that makes the industry more cyclical than GDP.
• Trade volumes. Imports/exports drive demand for export-grade, treated pallets and crates (see Section 7).
• Substitution and reuse (a headwind). Rising reuse/recycling rates, pooling, and — at the margin — plastic pallets each shave new-pallet demand. Wood still holds roughly 90%+ of the pallet market because it is cheap, repairable, and abundant [6]. Substitution is most credible where sanitation, washability, automation tolerances, nestability, or closed-loop durability justify a higher upfront cost.

Recent cyclicality. The business is short-cycle and price-sensitive. BLS nominal sectoral output rose 34.9% in 2021 and 33.5% in 2022, then fell 13.9% in 2023 [4]. The BLS pallet-product PPI illustrates the price reversal: the index reached 245.6 in April 2022 and declined to 184.0 by September 2024 — a decline of approximately 25% [28].

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7. Regulation

Pallets are lightly regulated at home but tightly regulated at the border.

• ISPM 15 (International Standards for Phytosanitary Measures No. 15). The global rule for wood packaging in international trade, designed to stop pests (like the emerald ash borer and Asian longhorned beetle) hitching a ride in raw wood. Any wooden pallet, crate, or dunnage crossing a border must be debarked and either heat-treated to a wood-core temperature of 56 °C (133 °F) for at least 30 minutes, or fumigated, then stamped with the ISPM 15 mark [16][29][30]. In the U.S., compliance on imports is enforced by the USDA APHIS (Animal and Plant Health Inspection Service); non-compliant wood can get an entire shipment refused entry [16]. Producers using the official mark must enroll through an American Lumber Standard Committee-accredited inspection agency [30]. ISPM 15 has been in force in the U.S. since 2006 [29]. This creates a real cost line — kilns, certification — and a competitive edge for scaled makers; it is also the main argument plastic-pallet vendors use, since plastic is exempt.
• Domestic safety and environmental. OSHA workplace rules matter in a manual, injury-prone, machinery-heavy trade. BLS reported a 2024 total-recordable injury and illness rate of 3.9 cases per 100 full-time workers for NAICS 32192, versus 2.3 for all private industry [31]. OSHA specifically identifies fine wood dust as a fire and explosion hazard [32]. EPA and state rules govern treatment emissions and disposal.
• Lumber trade policy. Not pallet-specific, but U.S. tariffs and duties on Canadian softwood lumber flow straight into pallet input costs and are a recurring swing factor [17].
• No price or entry regulation. There is no rate base, license regime, or output control. Barriers to entry are capital and logistics, not law.

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8. Competitive dynamics and consolidation

This is one of the most fragmented manufacturing industries in the U.S. Our federal concentration data make the point starkly [2]:

• CR4 (share of the four largest firms): 16.2%
• CR8: 21.8% · CR20: 30.8% · CR50: 41.1%
• HHI (Herfindahl-Hirschman Index): 88.1 — on a 0–10,000 scale, anything under 1,500 is "unconcentrated." An HHI of 88 is extraordinarily fragmented; it takes roughly the 50 largest firms combined just to reach 41% of the market.

UFP Industries estimates it has only 8%–10% of the U.S. new machine-built pallet market — and that excludes hand-built, recycled, pooled, or non-pallet wood-container products [10].

Why so fragmented: the short shipping radius makes pallets a local business, and low technological barriers let small yards compete. But the structure is now consolidating along two tracks:

1. Manufacturing roll-up — UFP Industries has built PalletOne into a national network by acquiring regional makers. In May 2026 it agreed to pay approximately $48 million for three John Rock pallet plants representing approximately $82 million of annual sales and nearly 250 employees [33].
2. Recycling / management roll-up — 48forty Solutions has assembled 270+ facilities and folded in Relogistics, backed by Audax and Summit Partners, to build a national recovery-and-repair platform [13][22].

Separately, the pooling layer (CHEP ~90% of North American pooling, PECO and iGPS the challengers) is a concentrated oligopoly sitting on top of this fragmented base [12]. So the industry is barbell-shaped: thousands of tiny makers/recyclers at the bottom, a handful of dominant renters at the top, and PE-funded consolidators filling the middle.

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9. Risks

• Lumber-price whipsaw. The dominant input swung 40–60% in 2022–24 [17]. Makers who cannot reprice fast enough get squeezed; the spread, not the price level, is what hurts. In Q1 2026, UFP said PalletOne gross profit fell $6 million because weak demand and rising material and transportation costs were not fully passed through [25].
• Cyclicality and destocking. Volumes fall faster than GDP in downturns as customers run down pallet inventories. 2023–24 was a soft, destocking-driven stretch [10][17].
• Labor and safety. Manual, physically demanding, injury-prone work that leans on a tight, often immigrant labor pool — wage pressure and availability are chronic issues. The industry's injury rate (3.9 per 100 FTE) is 70% above the private-sector average [31]. Operations combine saws, nailers, forklifts, manual material handling, wood dust, and combustible inventory.
• Substitution. Plastic pallets (durable, hygienic, ISPM-exempt but pricier and oil-linked), pooling, and ever-higher reuse rates each chip at new-wood demand [6].
• Consolidation pressure on independents. Scaled buyers and PE roll-ups can out-purchase and out-automate small family yards, compressing their margins or forcing a sale.
• Trade and tariff policy. Canadian softwood duties and broader trade friction move input costs and export-pallet demand [17].
• Phytosanitary compliance. ISPM 15 treatment and certification are ongoing costs and an inspection/liability risk on export freight; noncompliance can cause export delays, rejected shipments, or loss of marking authority [16][30].
• Capital intensity in pooling. For the rental model, a rising pallet loss rate or a swing in cost-to-serve can hit returns hard, since the balance sheet carries hundreds of millions of physical assets [9].
• Customer and local-market concentration. Even when the national market is fragmented, losing one large distribution center can leave a plant with underabsorbed fixed costs, excess cores, and dedicated trucking capacity.

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10. How to invest and the outlook

Public-market routes (limited, all indirect):

• UFP Industries (Nasdaq: UFPI) — the only listed way to own the leading U.S. pallet manufacturer, but bundled with unrelated retail and construction segments; you are buying a diversified building-products company with pallet upside, not a pure play [10]. UFP paid approximately $232 million for PalletOne in 2020; PalletOne had $525 million of 2019 sales and $37 million of adjusted EBITDA at acquisition [34].
• Brambles / CHEP (ASX: BXB; U.S. ADR: BXBLY) — the cleanest listed exposure to pallet economics, via the dominant global rental pool. It is a foreign-listed, capital-heavy, recurring-revenue business — a very different animal from a manufacturer [9][11]. (ADR = American Depositary Receipt, a U.S.-traded proxy for a foreign share.)
• Greif (NYSE: GEF) — an adjacent industrial-packaging name with only limited pallet exposure; include only for broad packaging coverage.
• Greystone Logistics (OTCQB: GLGI) — a higher-risk plastic-pallet manufacturer; FY2025 sales of $57.9 million with an 84% cost-of-sales ratio and high customer concentration [21].

Private routes (where the real breadth is):

• Direct ownership / small-business M&A. With ~2,500 mostly small, family-owned firms and a 500-employee "small business" ceiling [5], this is a textbook lower-middle-market acquisition and roll-up space.
• Private equity. The active thesis is consolidation — recycling platforms (48forty/Audax/Summit) and manufacturing networks (PalletOne/UFP) buying regional operators to gain purchasing scale, route density, and national accounts [10][13][22].
• The recycling angle is where private capital is concentrating, because recovered-pallet margins beat new-build margins and the reuse rate keeps the core supply flowing [8].

Private-market diligence. Relevant due diligence should normalize pandemic pricing, separate new-pallet volume from repair transactions, test customer and core-supplier concentration, examine lumber-index clauses and repricing lags, assess fire protection and insurance, quantify maintenance capital expenditure, and map trucking density and empty-mile economics.

Outlook (forward-looking judgment). Expect low-single-digit long-run volume growth, roughly tracking industrial production and freight, with meaningful cyclicality layered on top. Near-term swing factors to watch: the direction of lumber prices (analysts saw tightening supply and possible price increases into 2025–26, partly on Canadian tariff effects) [17]; the freight and inventory cycle turning from destocking back to restocking [10]; reshoring/nearshoring of manufacturing, which adds domestic goods movement; and demand for automation-grade and pooled pallets as warehouses modernize [27]. The strategic story is less "will pallets grow fast" (they won't) and more "who consolidates a fragmented, unglamorous, cash-generative industry" — which is why the most compelling exposure today is private consolidation rather than the handful of listed proxies.

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Sources

1. U.S. Census Bureau. County Business Patterns, 2023 — NAICS 321920 (establishments, employment, payroll). 2023. https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau. 2022 Economic Census — Comparative and Concentration Statistics, NAICS 321920 (receipts, firms, CR4/CR8/CR20/CR50, HHI). 2022. https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Bureau of Labor Statistics. Industry Productivity — Sectoral Output Level, NAICS 321920. 2023. https://alfred.stlouisfed.org/series?seid=IPUEN321920T300000000
4. U.S. Bureau of Labor Statistics. Industry Productivity — Output Growth, NAICS 321920. 2023. https://alfred.stlouisfed.org/series?seid=IPUEN321920T301000000
5. U.S. Small Business Administration. Table of Small Business Size Standards (NAICS 321920 — 500 employees). 2023. https://www.sba.gov/document/support-table-size-standards
6. Fastmarkets. US Pallet Market: Trends and Future Projections (annual pallet estimates — production ~1B, ~3.7B in circulation, 9.9 BBF lumber). 2025. https://www.fastmarkets.com/insights/annual-pallet-estimates-viewpoint/
7. Virginia Tech / USDA Forest Service / National Wooden Pallet and Container Association. Wooden pallet market survey (38% of U.S. sawn lumber; 513M new pallets, 326M remanufactured; product mix). 2021. https://research.fs.usda.gov/treesearch/62963
8. National Wooden Pallet and Container Association. Research Shows Wood Pallets Are Recycled at a Very High Rate (~95% reuse/recycle). 2021. https://woodpackglobal.org/page/landfillavoidance
9. Brambles Limited. FY2025 Full-Year Results (sales ~US$6.67B, underlying profit ~US$1.37B, pool ~348M assets). 2025. https://www.brambles.com/ar2025
10. UFP Industries, Inc. Fiscal 2025 Form 10-K (Packaging segment $1.60B; PalletOne $522M; 8–10% market share estimate). 2026. https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm
11. Brambles Limited. FY2025 Annual Report — CHEP Americas segment (revenue $3.67B, operating profit $737M, capex $567M, capital invested $3.32B). 2025. https://www.chep.com/files/download/Brambles-FY25-Annual-Report.pdf
12. LiveAbout / Logistics Management. Pallet pooling market shares (CHEP ~90% of North America; PECO ~5M; iGPS ~10M plastic pallets). 2019–2021. https://www.liveabout.com/about-pallet-pools-an-international-survey-part-1-2878168
13. 48forty Solutions / Summit Partners / Pallet Enterprise. Company profile (largest North American pallet management/recycler; ~$709M revenue; 270+ facilities). 2023–2024. https://www.summitpartners.com/companies/48forty-solutions
14. Repackify. Recycled and new wooden pallet pricing trends (2025 unit prices). 2025. https://www.repackify.com/blog/recycled-wooden-pallet-pricing-trends-in-the-united-states
15. Warp / Repackify. GMA 48×40 standard; stringer vs. block pallets. 2026. https://www.wearewarp.com/standard-pallet-sizes
16. USDA Animal and Plant Health Inspection Service (APHIS). Wood Packaging Material / ISPM 15 import requirements. 2024. https://www.aphis.usda.gov/plant-imports/wood-packaging-material
17. Fastmarkets. Pallet market mid-year review — lumber-price volatility (40–60%, 2022–24) and outlook. 2025. https://www.fastmarkets.com/insights/pallet-market-mid-year-review-economic-uncertainty-dominates-the-outlook/
18. U.S. Census Bureau. NAICS 321920 — Wood Container and Pallet Manufacturing (definition). 2022. https://www.census.gov/naics/?input=321920&year=2022
19. USDA Forest Service. Lifecycle assessment of wood pallet production (sawing, drying, fasteners). 2020. https://research.fs.usda.gov/treesearch/61866
20. GM Insights / Market Research Future / Expert Market Research. U.S. wood/wooden pallet market size estimates (range ~$4.6B new-only to $25–30B all-pallet). 2025. https://www.gminsights.com/industry-analysis/wood-pallets-market
21. Greystone Logistics. Fiscal 2025 Form 10-K (sales $57.9M; cost of sales 84%; customer concentration 76%). 2025. https://www.sec.gov/Archives/edgar/data/1088413/000143774925028050/glgi20250531_10k.htm
22. 48forty Solutions / Business Wire. Summit Partners growth equity investment announcement (235+ facilities; network detail). 2022. https://www.businesswire.com/news/home/20220324005196/en/48forty-Solutions-Announces-Growth-Equity-Investment-From-Summit-Partners
23. Freeman Spogli. Kamps Pallets majority interest acquisition (100M+ pallets managed; 1,800+ customers; facility count). 2020. https://www.freemanspogli.com/news/freeman-spogli-co-acquires-a-majority-interest-in-kamps-pallets-inc/
24. Millwood, Inc. Company profile (2,000+ employees; 40+ facilities). n.d. https://www.millwoodinc.com/about-millwood/
25. UFP Industries, Inc. First Quarter 2026 Form 10-Q (PalletOne margin pressure from repricing lag). 2026. https://www.sec.gov/Archives/edgar/data/912767/000110465926056076/ufpi-20260328x10q.htm
26. USDA Forest Service. Pallet end-of-life management survey (13.1M landfilled in 2016 vs. 138M in 1998). 2020. https://research.fs.usda.gov/treesearch/64254
27. PalletOne. Quality and automation program (24 manufacturing sites; automation-grade consistency). n.d. https://www.palletone.com/quality-automation/
28. U.S. Bureau of Labor Statistics / FRED. Producer Price Index — Pallet Products, NAICS 3219205. 2024. https://fred.stlouisfed.org/data/PCU3219203219205
29. Virginia Tech Center for Packaging and Unit Load Design. Phytosanitary Regulations for Packaging (ISPM 15) — 56 °C core / 30 min. n.d. https://www.unitload.vt.edu/education/white-papers/2-wp-ispm-15.html
30. USDA Animal and Plant Health Inspection Service (APHIS). Wood Packaging Material / ISPM 15 export requirements (ALSC certification). 2024. https://www.aphis.usda.gov/plant-exports/wood-packaging-material/export
31. U.S. Bureau of Labor Statistics. Table 1 — Incidence rates of nonfatal occupational injuries and illnesses by industry (NAICS 32192: 3.9 per 100 FTE). 2024. https://www.bls.gov/web/osh/table-1-industry-rates-national.htm
32. OSHA. Woodworking eTool — Fire and Explosion Hazards (wood dust). n.d. https://www.osha.gov/etools/woodworking/production/fire-explosion
33. UFP Industries, Inc. John Rock acquisition announcement (~$48M for $82M sales, ~250 employees). 2026. https://www.sec.gov/Archives/edgar/data/912767/000091276726000028/ufpi-20260504xex99d1.htm
34. UFP Industries, Inc. PalletOne acquisition announcement ($232M; $525M 2019 sales; $37M adjusted EBITDA). 2020. https://ufpi.com/ufp-industries-announces-agreement-to-acquire-palletone/