Huhtamaki has completed the acquisition of full ownership of its Brazilian joint venture company Laminor
HUHTAMÄKI OYJ PRESS RELEASE 31.3.2020 AT 21:15
Huhtamaki has completed the acquisition of full ownership of its Brazilian joint venture company Laminor
Huhtamaki has completed the acquisition of full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.
The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group’s flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. The additional shares were acquired at a price of approximately EUR 30 million.
The business will be consolidated as a subsidiary in the Group’s financial reporting and it will be reported as part of the Flexible Packaging business segment as of April 1, 2020.
As a result of the transaction, a gain from the difference between remeasured interest according to the purchase price and previously held equity interest of approximately EUR 20 million is recognized in the income statement as item affecting comparability in the Q1/2020 financial results.
For further information, please contact:
Calle Loikkanen, Head of IR and Financial Communications, tel. +358 10 686 7125
HUHTAMÄKI OYJ
Global Communications
Huhtamaki is a key global player in sustainable food-on-the-go and food-on-the shelf packaging solutions. Our innovative products help billions of consumers around the world make responsible lifestyle choices every day. Today, packaging plays a significant role in food safety and convenience. We are committed to making packaging more circular and we embed sustainability in everything we do. We are focused on achieving carbon neutral production and having all our products designed to be recyclable, compostable or reusable by 2030.
With 100 years of history and a strong Nordic heritage we operate in 35 countries and 81 sites around the world. Our 18,600 employees are working to deliver smart next generation packaging. Our 2019 net sales totaled EUR 3.4 billion. Huhtamaki Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Find out more about our Sustainability Action Plan and our ambition at www.huhtamaki.com.