Huhtamaki Completes Acquisition of Jiangsu Assets
PRESS RELEASE HUHTAMÄKI OYJ 11.6.2021 at 8:00
Huhtamaki Completes Acquisition of Assets of Jiangsu Hihio-Art Packaging Co. Ltd. in China
Huhtamaki has completed the acquisition of the assets of Jiangsu Hihio-Art Packaging Co. Ltd. Jiangsu Hihio-Art Packaging is a private manufacturer of paper bags, packaging and folding carton packaging in China. The acquisition strengthens Huhtamaki’s position as the leading supplier of foodservice packaging in Asia and expands its product portfolio to better serve existing and new customers in China.
Huhtamaki now has approximately 850 employees in four manufacturing units in China, and the approximately 200 employees of Hihio-Art Packaging Co. Ltd. join as Huhtamaki employees at the new Huhtamaki Foodservice (Xuzhou) Limited. The net sales of the acquired business were approximately 20 million euros in 2020. The purchase price without debt was 27 million euros. The acquired company is integrated and is part of the Foodservice Europe-Asia-Oceania reporting segment as of June 11, 2021.
For more information, please contact:
Katariina Hietaranta, Head of Media Relations, tel. +358 10 686 7863
Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world, promoting wellness and convenience. Our innovative products protect food and drink on the go and on the shelves, ensuring hygiene and safety, and help prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all of our products to be recyclable, compostable or reusable by 2030.
We participate in the United Nations Global Compact and since 2020 we have received an MSCI ESG rating of A, on a scale of AAA CCC. To play our role in managing climate change, we are committed to setting scientific goals as part of the Science Based Targets initiative. Huhtamaki received the Silver Medal from EcoVadis for its sustainability performance.
With 100 years of history and a strong Nordic heritage, we operate in 36 countries and 81 locations around the world. Our Care Dare Deliver values guide our decisions and help our team of 18,100 employees make a difference where it matters. Our net sales in 2020 totaled 3.3 billion euros. The Huhtamaki Group is headquartered in Espoo, Finland, and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out how we protect food, people and the planet on www.huhtamaki.com.