Huhtamaki to acquire a paper cup manufacturer in Malaysia
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 13.3.2015 AT 8:30
Huhtamaki to acquire a paper cup manufacturer in Malaysia
Huhtamäki Oyj's subsidiary has entered into an agreement to acquire Butterworth Paper Cups Sdn Bhd, a privately owned paper cup and foodservice packaging manufacturer in Malaysia. The company employs approximately 120 people in its manufacturing unit in Penang, Malaysia. With the acquisition Huhtamaki expands its foodservice manufacturing footprint to Southeast Asia and significantly strengthens its presence and capability to serve customers in Malaysia, Singapore and other regional Southeast Asian markets.
The purchase price is approximately EUR 8 million, which also approximately corresponds with the annual net sales of the business to be acquired. The unit will become part of Huhtamaki's Foodservice Europe-Asia-Oceania business segment. The acquisition is expected to be closed during April 2015.
For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Thomas Geust, CFO, tel. +358 10 686 7880
HUHTAMÄKI OYJ
Group Communications
Huhtamaki is a global specialist in packaging for food and drink. With our network of 67 manufacturing units and 23 sales offices in 33 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 16,300 employees develop and make packaging that helps great products reach more people, more easily. In 2014 our net sales totaled EUR 2.2 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.