Huhtamaki Completes Acquisition of IP Foodservice Units in China
Print this Article | Send to Colleague
Huhtamaki, Espoo, Finland, has completed the acquisition of International Paper's (Memphis, Tenn., USA) 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 consists of two manufacturing units located in Shanghai and Tianjin, employing altogether approximately 200 employees. Net sales of the acquired business in 2016 was approximately EUR 19 million. The debt-free purchase price was EUR 15 million. The business was consolidated into the Huhtamaki Foodservice Europe-Asia-Oceania business segment as of Sept. 1, 2017.
Huhtamaki is a global specialist in packaging for food and drink. With its network of 77 manufacturing units and additional 24 sales only offices in 34 countries, the company is well placed to support its customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 17,400 employees develop and make packaging that helps products reach more people, more easily. In 2016, Huntamaki’s net sales totaled EUR 2.9 billion.
