HUHTAMÄKI OYJ PRESS RELEASE 23.12.2019 AT 16:00
Huhtamaki to acquire full ownership of its Brazilian joint venture company Laminor
Huhtamaki has agreed to acquire full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.
The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group's flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. Following the acquisition Laminor will be consolidated as a subsidiary in the Group's financial reporting and reported as part of the Flexible Packaging business segment. The additional shares are acquired at a price of approximately EUR 30 million.
The transaction is subject to the approval of competition authorities in Brazil and it is expected to be closed during the first quarter in 2020.
For further information, please contact:
Calle Loikkanen, Head of IR and Financial Communications, tel. +358 10 686 7125
HUHTAMÄKI OYJ
Global Communications
Huhtamaki is a global specialist in packaging for food and drink. With our network of 80 manufacturing units and additional 24 sales only offices in altogether 35 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 18,800 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.
