Huhtamäki Oyj completed the acquisition of Assets from Jiangsu Hihio-Art Packaging Co. Ltd. in China for €30.8 million on debt free basis.
June 10, 2021
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Huhtamäki Oyj (HLSE:HUH1V) entered into an agreement to acquire Assets from Jiangsu Hihio-Art Packaging Co. Ltd. in China for €27 million on April 21, 2021. Post completion, employees of Jiangsu Hihio-Art Packaging Co., Ltd. will be offered an opportunity to continue to work for Huhtamaki. Upon completion, target assets will be reported as part of the Foodservice Europe-Asia-Oceania reporting segment. Following the fulfillment of certain customary closing conditions, the transaction is expected to be completed by the end of the third quarter 2021.
Huhtamäki Oyj (HLSE:HUH1V) completed the acquisition of Assets from Jiangsu Hihio-Art Packaging Co. Ltd. in China for €30.8 million on debt free basis on June 11, 2021. The consideration includes €6.1 million of contingent consideration. The net sales of the acquired business were approximately €20 million in 2020. Approximately 200 employees will join Huhtamaki employees at the newly established Huhtamaki Foodservice (Xuzhou) Limited. The acquired business is incorporated into and reports as part of the Foodservice Europe-Asia-Oceania reporting segment as of June 11, 2021.
Huhtamaki Oyj specializes in developing, manufacturing and marketing paper, cardboard and plastic packaging. Net sales break down by market as follows:
- outside catering (59.7%): disposable packaging and tableware for the fast-food professionals and vending machine. Net sales break down by geographic area between North America (58.5%) and Europe/Asia/Oceania (41.5%);
- food processing industry and consumer goods (40.3%): flexible packaging, films, molded fiber packaging, etc. for the packaging of food, cosmetics, household products, etc.
Net sales are distributed geographically as follows: Finland (1.8%), the United States (34.9%), Germany (10.5%), the United Kingdom (7.8%), India (6.3%), Turkey (4.2%), Australia (4.2%) , Thailand (3.8%), Poland (3%), South Africa (2.8%), Czech Republic (2.5%), and other (18.2%).
HUHTAMÄKI OYJ 
