HUHTAMÄKI OYJ PRESS RELEASE 11.4.2019 AT 13:00
Huhtamaki starts flexible packaging manufacturing in Egypt
Huhtamaki inaugurates its new, state-of-the-art flexible packaging unit in Egypt today. The investment marks the company's entry into manufacturing flexible packaging in Africa.
The greenfield is located in the greater Cairo area and will serve Huhtamaki's flexible packaging customers in Egypt as well as export its products into other African countries and Europe. The manufacturing unit is built on a land area of almost 37,000 square meters, with ample space for future expansion. Production has started this spring and the facility is expected to employ approximately 250 employees.
"The Egyptian market is sizeable, and with the rapid population growth in Africa we expect future growth opportunities both for us and our customers. Until now we have served flexible packaging customers in Egypt from our units in the United Arab Emirates and India. With the new plant we can offer our current and new customers - both in Africa and Europe - the same top quality with shorter lead times," says Olli Koponen, EVP Flexible Packaging.
The new manufacturing unit is owned and operated as a joint venture of which Huhtamaki owns 75%. The remaining 25% is owned by Mr. Ayman Korra, who has been Huhtamaki's joint venture partner in the Egyptian fiber packaging business since 2003. The current investment, including land purchase, facility construction and machinery, is expected to be approx. EUR 23 million with Huhtamaki share at approx. EUR 17 million.
For further information, please contact:
Leena Lie, SVP, Marketing and Communications, tel. +358 10 686 7943
HUHTAMÄKI OYJ
Global Communications
Huhtamaki is a global specialist in packaging for food and drink. With our network of 78 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 17,700 employees develop and make packaging that helps great products reach more people, more easily. In 2018, our net sales totaled EUR 3.1 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 (https://www.huhtamaki.com).
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
