Finland based Huhtamaki recently announced that it has entered into an agreement to acquire Positive Packaging for a debt free purchase price of EUR 247 million. The transaction is subject to the approval of competition authorities and other regulators.
Jukka Moisio, CEO, Huhtamaki said: “I am extremely pleased to announce this acquisition.” He added: "It further enhances our position in India and provides us with much improved access to the fast growing markets of Africa and Middle East. Many of our global customers are investing heavily to grow in these markets, and now we are even better resourced to help them grow."
Positive Packaging has nine manufacturing plants in India and UAE, and sales offices in seven other countries. The company will be part of Huhtamaki's Flexible Packaging business segment post acquisition.
Shashank Sinha, Executive Vice President, Flexible Packaging said: “With the acquisition we expand our flexibles manufacturing into Middle East and double our sales in Africa with an unmatched footprint.”
Sinha added: “In addition, Positive Packaging's expertise in high quality printing and cylinder making, as well as their strong focus on innovations are a perfect fit for Huhtamaki's growth strategy."
