Huhtamaki enters the foodservice packaging market in India

HUHTAMÄKI OYJ PRESS RELEASE 22.7.2016 AT 11:00
 
Huhtamaki enters the foodservice packaging market in India

Huhtamaki has acquired 51% of Val Pack Solutions Private Limited ("Valpack"), a privately held paper cup manufacturer based in Mumbai, India. With the acquisition Huhtamaki enters the growing foodservice packaging market in India, where many of its key customers already are present.

"I am pleased to expand our presence to India with the acquisition of Valpack," says Eric Le Lay, Executive Vice President, Foodservice Europe-Asia-Oceania. "Many of our global and regional customers have plans to grow in India. With Valpack, a well-established company with high manufacturing standards, we're able to serve them locally. We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of foodservice packaging to the Indian market."

Valpack's annualized net sales are approx. EUR 4 million and it employs approx. 100 people in its manufacturing unit in the Mumbai area. The debt-free purchase price was approx. EUR 2 million. The business will become part of Huhtamaki's Foodservice Europe-Asia-Oceania business segment.

For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Thomas Geust, CFO, tel. +358 10 686 7880
Kaisa Uurasmaa, Investor relations, tel. +358 10 686 7815

HUHTAMÄKI OYJ
Group Communications

Huhtamaki is a global specialist in packaging for food and drink. With our network of 73 manufacturing units and 23 sales offices in 34 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 17,000 employees develop and make packaging that helps great products reach more people, more easily. In 2015 our net sales totaled EUR 2.7 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Additional information is available at www.huhtamaki.com.