Huhtamäki Oyj strengthens its folding carton packaging business in the United States with another acquisition
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 30.11.2011 AT 20:45
Huhtamaki has acquired the assets and business of Ample Industries, Inc., a converter of folding cartons in the United States. With the acquisition, the Group further strengthens its position in the North American foodservice packaging market.
"We are pleased to announce another acquisition implementing our strategy of profitable growth," says Jukka Moisio, CEO of Huhtamäki Oyj. "With Ample Industries, Inc. and the previously acquired business of Paris Packaging, Inc., we have successfully added a new line of high quality products into our North American foodservice assortment. This complementary range extension allows us to serve our customers even better."
The assets and business of the privately held Ample Industries, Inc. were acquired by Huhtamaki, Inc., Huhtamäki Oyj's US based subsidiary, for a purchase price of EUR 23 million (USD 31 million). The annual net sales of the acquired business are approximately EUR 45 million (USD 60 million). The business, which employs approximately 230 people in Franklin, Ohio, will become part of Huhtamaki's North America business segment. The acquisition is expected to be EPS accretive as of 2012.
"We plan to further increase our presence in the foodservice market in North America," says Clay Dunn, Executive Vice President North America. "In addition to the recently acquired folding carton capabilities we plan to increase our capacity in paper cups and further expand our range with pressed paperboard plates," he continues.
For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Timo Salonen, CFO, tel. +358 10 686 7880
Huhtamaki Group is a leading manufacturer of consumer and specialty packaging with 2010 net sales totaling EUR 2 billion. Foodservice and consumer goods markets are served by approximately 12,700 people in 59 manufacturing units and several sales offices in 31 countries. The parent company, Huhtamäki Oyj, has its head office in Espoo, Finland and its share is quoted on the NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.