AUSTRALIA – Finnish sustainable packaging company Huhtamaki has acquired full ownership of Huhtamaki Tailored Packaging Pty Ltd (HTP).
HTP is the importer and distributor of food service packaging in Australia. It serves a range of customers, including metropolitan and regional packaging wholesalers, food wholesalers, club and hospitality suppliers, and national quick-service restaurant businesses.
Huhtamaki already purchased a majority stake in the HTP in 2018 and held approximately 76% of the company before this full ownership transaction.
The packaging firm stated that the debt-free purchase price is around €19m for the additional shares.
Since the company started operating in 2018, it has been represented as a component of the Foodservice Europe-Asia-Oceania business segment, Huhtamaki said.
The Finnish firm offers packaging to protect the on-the-go and on-the-shelf food and beverages and personal care products to ensure hygiene and safety, driving accessibility and affordability, and preventing food waste.
The company aims to achieve carbon-neutral production and design all its products to be recyclable, compostable or reusable by 2030.
The takeover comes shortly after the company reported a 25% increase in full-year sales for the fiscal year 2022.
Huhtamaki recorded full-year net sales of €4.47 billion (US$4.79bn) for fiscal 2022 (FY22), up from €3.57 billion (US$3.82bn) in fiscal 2021 (FY21).
The company’s reported earnings before interest and taxes (EBIT) for the year were €405 million (US$432.18m), while its adjusted EBIT was €395 million (US$422.55m).
Meanwhile, in November last year, Huhtamaki announced a €20m (US$20.8m) project to expand the capacity of its existing manufacturing site in Nules, Spain.
In line with the company’s 2030 Sustainability Ambitions, the extended facility has been built to comply with Building Research Establishment Environmental Assessment Method (BREEAM1) sustainability standards.
Huhtamaki Europe-Asia-Oceania fiber foodservice President Eric Le Lay at the time said: “This investment builds on our existing technological expertise and will further enhance our manufacturing capacity for innovative and sustainable paper-based packaging in Europe, providing our customers with the ability to substitute rigid plastics, which are being driven by consumer demand.”
The plant started production last month and doubled the plant’s capacity to meet the demand for recyclable paper-based packaging.
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