Huhtamaki has divested its foodservice business in Italy
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 30.10.2013 AT 15:40
Huhtamäki Oyj has today divested its Italian subsidiary, Huhtamaki S.p.A., to Diesse S.r.l., a Sicily-based manufacturer of polystyrene packaging for the foodservice markets. The ownership of the company's shares has been transferred to Diesse S.r.l. with immediate effect. The divestment includes the rigid plastic manufacturing units in Settimo Torinese, Sant'Ilario d'Enza and Buccino and affects approximately 200 employees.
The net sales of the company were approximately EUR 50 million in 2012 and it was loss-making. The selling price was approximately EUR 5 million. The Group will book a loss of approximately EUR 17 million related to the divestment during the fourth quarter 2013. The divestment is expected to have an estimated EUR 3-4 million annualized positive impact on the Foodservice Europe-Asia-Oceania segment's EBIT as of 2014.
"We are pleased to conclude the strategic review of the business," says Huhtamäki Oyj's CEO Jukka Moisio. "The divested rigid plastic units in Italy were not part of the Group's core business in Europe. We will, however, continue to serve the professional foodservice market in Italy from our other European units."
"We are happy to add the business of Huhtamaki S.p.A. to our Group. This will allow us to expand our manufacturing operations and strengthen our market presence in Italy," says Faro Di Santo, Director of Diesse S.r.l.
Fredericks Michael & Co acted as Huhtamaki's financial advisor on the transaction.
For further information, please contact:
Katariina Hietaranta, Head of Group Communications and IR, tel. +358 10 686 7863
Kia Aejmelaeus, Head of Investor Relations, tel. +358 10 686 7819
Huhtamaki Group is a leading manufacturer of consumer and specialty packaging with 2012 net sales totaling EUR 2.3 billion. Foodservice and consumer goods markets are served by approximately 14,100 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 NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com