Huhtamaki Acquires Elif

Huhtamaki has entered into an agreement to acquire Elif Holding A.Ş., a supplier of sustainable flexible packaging to global FMCG brand owners, with operations in Turkey and in Egypt.

With this acquisition, Huhtamaki reinforces its position as a leading flexible packaging company in emerging markets and strengthens its existing flexible packaging business in attractive consumer product categories.

In line with Huhtamaki’s 2030 growth strategy, the acquisition adds scale in strategic geographies and supports Huhtamaki’s progress towards reaching its high sustainability ambitions. The acquisition also expands Huhtamaki’s technology capabilities and product range, allowing it to serve its customers even better.

Founded in 1972, Elif is a trusted long-term partner for major global consumer brand owners in Europe, Middle East and Africa. Similarly to Huhtamaki, sustainability is embedded into Elif’s strategy and it is committed to the three areas of sustainability, environmental, social and governance and to enabling its customers to reach their sustainability goals by providing continuous innovation.

Specialized in high-quality sustainable flexible packaging, Elif uses both post-industrial and post-consumer recycled polymers as raw materials. It also has an advanced system of collecting and utilizing production scrap from both its own as well as from customer locations.

More than 90% of Elif’s current product portfolio is recyclable and the product portfolio also includes compostable films. In 2020, Elif’s net sales were approximately €163 million (USD 195 million) and it employs approximately 1,500 highly skilled people in its two state-of-the art manufacturing locations in Istanbul, Turkey and Cairo, Egypt.

“With a great portfolio, a strong focus on sustainability and high growth ambitions, Elif is a perfect fit for Huhtamaki,” said Charles Héaulmé, president and CEO of Huhtamaki. “We are impressed by Elif’s focus on its customers with decades of strategic partnerships with blue-chip multinational companies who are leaders in their field and Elif’s strong and capable leadership team. Our 2030 growth strategy is particularly focused on sustainability and competitiveness, which Elif strongly supports.

“I look forward to working with Elif’s management to continue their success under the new ownership. I am delighted to welcome Elif’s Group CEO Selçuk Yarangűmelioğlu, Elif’s Group CFO and MEA GM Mehmet Çayirezmez, the leadership team and the entire Elif organization to the Huhtamaki family,” added Héaulmé.

Huhtamaki will acquire Elif for a cash-free debt-free purchase price of €412 million (USD 483 million). The business will become part of Huhtamaki’s Flexible Packaging business segment.