Huhtamäki Acquires Paris Packaging
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Huhtamäki Oyj, Finland, has acquired the assets and business of Paris Packaging Inc., a manufacturer of specialty folding cartons in the U.S., for a purchase price of EUR 22.8 million ($32.5 million). Paris Packaging, owned by 21st Packaging Holding, employs some 300 people at three manufacturing units in Paris, Texas, Andalusia, Ala., and Hopkinsville, Ky. It had net sales in 2010 of EUR 43 million ($62 million).
"This acquisition is an example of the quality growth Huhtamaki is focused on as we leverage our solid financial position to become even more competitive," says Jukka Moisio, CEO of Huhtamäki Oyj.
"We are pleased to have acquired such a high quality business," adds Clay Dunn, EVP North America, Huhtamäki. "The addition of a new specialty folding carton product platform complements our existing offering of tableware, cups, containers, carriers, trays, and service ware, and demonstrates our commitment to growth in North America."
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