Huhtamaki completed the acquisition of foodservice units in China
Huhtamaki has completed the acquisition of International Paper's foodservice packaging operations in China. With the acquisition Huhtamaki expands its manufacturing footprint into the Eastern China region and strengthens its capacity and capability to serve customers operating in Northern China.
The acquisition comprises of two manufacturing units located in Shanghai and Tianjin, employing altogether approximately 200 employees. The net sales of the acquired business in 2016 was approximately EUR 19 million. The debt-free purchase price was EUR 15 million. The business will be consolidated into the Foodservice Europe-Asia-Oceania business segment as of September 1, 2017.
Huhtamaki is a global specialist in packaging for food and drink. With our network of 77 manufacturing units and additional 24 sales only offices in altogether 34 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 17,400 employees develop and make packaging that helps great products reach more people, more easily. In 2016 our net sales totaled EUR 2.9 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Additional information is available at www.huhtamaki.com.