Huhtamaki Completes Acquisition of Foodservice Units in China

Huhtamaki has completed the acquisition of International Paper’s foodservice packaging operations in China. With the acquisition Huhtamaki expands its manufacturing footprint into the Eastern China region and strengthens its capacity and capability to serve customers operating in northern China.
 
The acquisition comprises of two manufacturing units located in Shanghai and Tianjin, employing altogether approximately 200 employees. The net sales of the acquired business in 2016 was approximately €19 million. The debt-free purchase price was €15 million. The business will be consolidated into the Foodservice Europe-Asia-Oceania business segment as of Sept. 1, 2017.