Huhtamaki to sell its rigid plastic consumer goods business in Australia
Huhtamaki has agreed to sell its rigid plastic consumer goods business in Australia to Alto Manufacturing Pty Ltd, a subsidiary of Pact Group Pty Ltd. The annual net sales of the divested business is some EUR 50 million and it currently employs some 330 people. The divested business includes three manufacturing units in Bankstown, Mulgrave and Wacol. The agreed value for the transaction is EUR 33 million. The transaction is expected to be finalized in approximately two weeks."We are pleased to be able to finalize the strategic review of our rigid plastic consumer goods business for Australia's part approximately in a year from the strategy announcement", says Huhtamäki Oyj's CEO Jukka Moisio. "Pact Group already acquired our Australian EPS (Expanded Polystyrene) business and we feel that Pact Group is a good future owner for the rigid plastic consumer goods business in Australia." The divested units serve multinational and local customers with dairy, ice cream and edible fats packaging.
In Australia, Huhtamaki will continue its foodservice, molded fiber and flexibles operations. Rigid paper and plastic packaging production in Windsor serving the local foodservice market, the rough molded fiber packaging production in Preston and the flexibles sales unit in Waverly continue to support customers in strategic focus areas.
"Following this divestment, we are halfway through the strategic review in terms of net assets. We will continue to review our rigid plastic consumer goods operations in Europe. One possible outcome is a sale," Jukka Moisio recaps.
For further information, please contact:
Kia Aejmelaeus, Head of IR, tel. +358 (0)10 686 7819, mobile +358 (0)40 7654616
Minna Kylänpää, Head of Group Communications, tel. +358(0)10 686 7863
HUHTAMÄKI OYJ
Group Communications