<SEC-DOCUMENT>0001558370-16-008051.txt : 20161005
<SEC-HEADER>0001558370-16-008051.hdr.sgml : 20161005
<ACCEPTANCE-DATETIME>20160818160605
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001558370-16-008051
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000914156
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS FOAM PRODUCTS [3086]
		IRS NUMBER:				042314970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
		BUSINESS PHONE:		978-352-2200

	MAIL ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--HTML document created with Merrill Bridge  6.2.124.0-->
<!--Created on: 8/18/2016 3:02:46 PM-->
<html>
	<head>
		<title>
			ufpt_Current Folio_CORRESP
		</title>
	</head>
	<body><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;font-family:Verdana;"><img src="ufpt20160818corresp001.jpg" style="width: 2.904001in; height: 0.6557415in" alt="Picture 3"></font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p style="margin:30pt 0pt 18pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<a name="_GoBack"></a><font style="display:inline;font-size:11pt;">August 18, 2016</font>
		</p>
		<p style="margin:0pt 0pt 18pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;font-size:11pt;text-decoration:underline;">VIA ELECTRONIC MAIL AND OVERNIGHT MAIL</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Terence O&#x2019;Brien</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Division of Corporation Finance</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Securities and Exchange Commission (the &#x201C;Commission&#x201D;)</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Mail Stop 4631</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">100 F Street, N.E.</font>
		</p>
		<p style="margin:0pt 0pt 24pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Washington, D.C. </font><font style="display:inline;font-size:11pt;">20549</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:72pt;">
			<tr>
				<td valign="top" style="width:39.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:348.95pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:39.85pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">Re:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:348.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">UFP Technologies, Inc.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:39.85pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:348.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">Form 10-K for Fiscal Year Ended December 31, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:39.85pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:348.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">Filed March 11, 2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:39.85pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:348.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">File No. 1-12648</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -108pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Dear Mr. O&#x2019;Brien:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">This letter is in response to the comments raised by the staff (the &#x201C;Staff&#x201D;) of the Commission in its letter dated August 5, 2016 (the &#x201C;Letter&#x201D;) to Mr. Ronald J. Lataille, Chief Financial Officer of UFP Technologies, Inc. (the &#x201C;Company&#x201D;) relating to the Company&#x2019;s Form 10-K for the Fiscal Year Ended December 31, 2015 (File No. 1-12648) (the &#x201C;Form 10-K&#x201D;), as filed with the Commission on March 11, 2016.&nbsp; </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Company respectfully submits the following responses with respect to each comment contained in the Letter.&nbsp;&nbsp;For ease of reference, each of the Staff&#x2019;s comments is set forth in italic type immediately before the corresponding response submitted by the Company. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Financial Statements</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Note 20- Related Party Transactions, page F-25</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-style:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;color:#000000;">Please tell us why you did not include disclosure regarding the transactions between UFP Technologies, Inc. and Vention Medical, Inc. in your Definitive Proxy Statement considering the board of directors of UFP Technologies, Inc. appointed Daniel Croteau to the board in 2015.&nbsp;&nbsp;See Item 404 of Regulation S-K and Question 130.03 of Compliance and Disclosure Interpretations on Regulation S-K.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Company acknowledges the Staff&#x2019;s comment and submits that disclosure of the transactions (the &#x201C;Transactions&#x201D;) between the Company and Vention Medical, Inc. (&#x201C;Vention&#x201D;) was not required to be included in the Company&#x2019;s Definitive Proxy Statement.&nbsp;&nbsp;Mr. Croteau did not have a direct or indirect material interest in the Transactions.&nbsp; </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Item 404(a) would only require disclosure of the Transactions in the Company&#x2019;s Definitive Proxy Statement if Mr. Croteau had a direct or indirect material interest in the Transactions.&nbsp;&nbsp;In addressing the definition of materiality in the context of Item 404(a) of Regulation S-K, the Commission&#x2019;s 2006 Adopting Release indicates that &#x201C;&#x2026;we note that whether a transaction which was not material to the company or the other </font><font style="display:inline;font-size:11pt;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:18pt -72pt 0pt -108pt;text-align:center;color:#808080;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;font-family:Calibri;color:#808080;">100 Hale Street, Newburyport MA 01950 USA&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;P 978.352.2200&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;www.ufpt.com</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;font-size:11pt;">entity involved and which was undertaken in the ordinary course of business of the company and on the same terms that the company offers generally in transactions with persons who are not related persons, are factors that could be taken into consideration when performing the materiality analysis for determining whether disclosure is required under the principle for disclosure.&#x201D; </font><font style="display:inline;font-size:11pt;font-size:6pt;top:-4pt;position:relative;line-height:100%">1</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">In advance of the Company&#x2019;s preparation of its Definitive Proxy Statement, the Company reviewed the circumstances of the Transactions and obtained information about the Transactions from Mr. Croteau.&nbsp;&nbsp;The Company considered various factors in connection with its analysis of whether or not disclosure of the Transactions would be required in the Company&#x2019;s Definitive Proxy Statement, including the following:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">The Transactions were made in the ordinary course of business;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">The terms of the Transactions, including pricing, were substantially the same terms that the Company generally offers in transactions with persons who are not related persons;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">The amount of product that Vention purchased from the Company in 2015 represented less than 0.2% of Vention&#x2019;s total sales in 2015 and approximately 0.2% of Vention&#x2019;s total cost of sales in 2015;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">The Transactions represented approximately 0.4% of the Company&#x2019;s total sales in 2015; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">Mr. Croteau received no special compensation or other remuneration from Vention as a result of the Transactions. (Mr. Croteau holds less than 5% of Vention&#x2019;s shares and any benefit he received from the Transactions as a Vention shareholder was also received by Vention&#x2019;s other shareholders on a pro rata basis.)</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Taking into account the above, the Company determined that Mr. Croteau did not have a direct or indirect material interest in the Transactions and that, therefore, disclosure of the Transactions was not required in the Company&#x2019;s Definitive Proxy Statement pursuant to Item 404(a) of Regulation S-K.&nbsp;&nbsp;To the extent that the Company and Vention continue to conduct business with each other, the Company will continue to assess whether such transactions would be required to be disclosed pursuant to Item 404(a).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Exhibits</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Exhibit 23.01</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-style:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size:11pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;">
			<font style="display:inline;font-style:italic;font-size:11pt;color:#000000;">We note the date of the audit report disclosed in your auditor&#x2019;s consent does not correspond with the date of the audit report included in your Form 10-K. Please obtain a revised auditor&#x2019;s consent accordingly.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The Company acknowledges the Staff&#x2019;s comment and advises the Staff that the discrepancy between the date of the audit reports included in the Form 10-K and the date of the audit reports included in the Company&#x2019;s auditor&#x2019;s consent is the result of a scrivener&#x2019;s error that was present only in the Form 10-K that was filed with the Commission via EDGAR.&nbsp;&nbsp;The text of the audit reports included in the Form 10-K that was filed with the Commission via EDGAR contained the same scrivener&#x2019;s errors.&nbsp;&nbsp;The original copies of each of the auditor&#x2019;s consent and the audit reports that the Company received from its auditors reference the correct audit report date.&nbsp;&nbsp;On August 18, 2016, the Company filed an amendment to the Form 10-K that includes copies of the audit reports and auditor&#x2019;s consent that reflect the correct dates.</font>
		</p>
		<p style="margin:0pt 0pt 24pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-size:11pt;font-size:6pt;top:-4pt;position:relative;line-height:100%">1</font><font style="display:inline;font-size:11pt;"> Executive Compensation Related Person Disclosure, Securities Act Release No. 8732A (Aug. 29, 2006), pages 165-66.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;">2</font><font style="display:inline;"></font><font style="display:inline;"></font><font style="display:inline;"></font><font style="display:inline;"></font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"><font style="display:inline;font-size:11pt;">The Company acknowledges that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:11pt;color:#000000;">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">We hope that his letter is fully responsive to the Staff&#x2019;s comments.&nbsp;&nbsp;If you have further questions, please contact me at 978-234-0926.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:50.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">Sincerely,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">UFP TECHNOLOGIES, INC.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">/s/ Ronald J. Lataille</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">Ronald J. Lataille </font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">Chief Financial Officer</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">cc:&nbsp;&nbsp;&nbsp;James E. Bedar, Esq., Brown Rudnick LLP </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samuel P. Williams, Esq., Brown Rudnick LLP</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;">3</font><font style="display:inline;"></font><font style="display:inline;"></font><font style="display:inline;"></font><font style="display:inline;"></font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr></div>
	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ufpt20160818corresp001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ufpt20160818corresp001.jpg
M_]C_X  02D9)1@ !  $ 8 !@  #_X0!V17AI9@  34T *@    @  8=I  0
M   !    &@       9*&  <   !     +     !53DE#3T1%  !, $4 00!$
M "  5 !E &, : !N &\ ; !O &< :0!E ', ( !) &X 8P N "  5@ Q "X
M,  Q  #__@ ?3$5!1"!496-H;F]L;V=I97,@26YC+B!6,2XP,0#_VP!#  4%
M!0@%" P'!PP,"0D)# T,# P,#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-
M#0T-#0T-#0T-#0T-#0T-#0W_VP!# 04(" H'"@P'!PP-# H,#0T-#0T-#0T-
M#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0T-#0W_P  1
M"  X /@# 1$  A$! Q$!_\0 'P   04! 0$! 0$           $" P0%!@<(
M"0H+_\0 M1   @$# P($ P4%! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!
MD:$((T*QP152T? D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I3
M5%565UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6F
MIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T
M]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0        $" P0%!@<("0H+_\0 M1$
M @$"! 0#! <%! 0  0)W  $" Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S
M4O 58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC
M9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.T
MM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H
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MG9&Q$2-RDJ<'/(R.M.P&CHGCO3-?G-K9F4R+&TAWQE1M4@'G/7YAQ1L!D?\
M"UM#'>?_ +]'_&BP'8:)X@L?$$1FL)!($(#K@JZ$] RL 1GL>AYP3BEL!LT
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M)Q3]^::2ZV>C?R7XG=@<.ZU52:]R#3;\UJE\_P C[;KX,^X"@#G;W_D,6?\
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M'##AMBHQ&1D9H Z15" *HP , #H .@H 6@ H * "@ H * "@ H * "@ H *
D"@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@#__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
