Finnish food and drink packaging specialist Huhtamäki has agreed to acquire International Paper’s foodservice packaging operations in China.
The acquisition expands Huhtamäki’s manufacturing footprint into eastern China and improves and increases its capacity and capability to serve customers that operate in the north of the country. The agreement comprises of two manufacturing units located in Shanghai and Tianjin.
The product range of the two units is similar to Huhtamäki’s current product range in China, including paper cups for hot and cold beverages, food containers and snack food and ice-cream containers. The debt free purchase price is 15 million euros. The transaction is subject to completing applicable registration obligations with authorities in China.
“I am very pleased to announce this acquisition,” says Jukka Moisio, CEO of Huhtamäki. “It strengthens our operations in China significantly, both geographically and from a capacity point of view, allowing us to serve our customers even better in the future.”
Huhtamäki, headquartered in Espoo, Finland, has a network of 76 manufacturing units and additional 24 sales offices in 34 countries.
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