HUHTAMÄKI OYJ PRESS RELEASE 23.3.2018 AT 16:20
Huhtamaki to strengthen its labeling business in India
Huhtamaki has entered into an agreement to acquire the Indian business and related assets of Ajanta Packaging, a privately owned manufacturer of pressure sensitive labels. The acquisition will further strengthen Huhtamaki's labeling business in India by adding new printing technologies into its offering as well as improving its innovation capability. The acquisition is complementary to Huhtamaki's existing labeling product portfolio.
The annual net sales of the business to be acquired are approximately EUR 10 million. It employs altogether 170 people and has two state of the art manufacturing facilities located in Daman (West India) and Baddi (North India). The debt free purchase price is approximately EUR 13 million. The transaction is expected to be closed at the end of April, 2018. The business will become part of the Flexible Packaging business segment.
For further information, please contact:
Katariina Hietaranta, Head of Group Communications & IR, tel. +358 10 686 7863
HUHTAMÄKI OYJ
Group Communications
Huhtamaki is a global specialist in packaging for food and drink. With our network of 76 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 2017 our net sales totaled EUR 3.0 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Huhtamäki Oyj via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Huhtamäki Oyj via Globenewswire
© 2018 GlobeNewswire (Europe)
