06.14.21
Huhtamaki has completed the acquisition of Jiangsu Hihio-Art Packaging Co. Ltd.’s assets. Jiangsu Hihio-Art Packaging is a privately owned manufacturer of paper bags, wraps and folding carton packaging in China. The acquisition strengthens Huhtamaki’s position as the leading foodservice packaging provider in Asia.
Huhtamaki now has approximately 850 employees across four manufacturing units in China, with Hihio-Art Packaging Co. Ltd.’s approximately 200 employees joining as Huhtamaki employees at the newly established Huhtamaki Foodservice (Xuzhou) Limited.
The net sales of the acquired business were approximately €20 million in 2020. The debt free purchase price was €27 million. The acquired business is incorporated into and reports as part of the Foodservice Europe-Asia-Oceania reporting segment as of June 11, 2021.
Huhtamaki now has approximately 850 employees across four manufacturing units in China, with Hihio-Art Packaging Co. Ltd.’s approximately 200 employees joining as Huhtamaki employees at the newly established Huhtamaki Foodservice (Xuzhou) Limited.
The net sales of the acquired business were approximately €20 million in 2020. The debt free purchase price was €27 million. The acquired business is incorporated into and reports as part of the Foodservice Europe-Asia-Oceania reporting segment as of June 11, 2021.
