Huhtamaki has acquired 51% of Val Pack Solutions (Valpack), paper cup manufacturer based in Mumbai. With the acquisition, Huhtamaki enters the growing food service packaging market in India, where many of its key customers are already present.
“I am pleased to expand our presence to India with the acquisition of Valpack,” says Eric Le Lay, executive vice president, food service Europe-Asia-Oceania. “Many of our global and regional customers have plans to grow in India. With Valpack, a well-established company with high manufacturing standards, we’re able to serve them locally. We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of food service packaging to the Indian market.”
Valpack’s annualized net sales are approx. Euro 4 million and it employs approx. 100 people in its manufacturing unit in the Mumbai area. The debt-free purchase price was approx. Euro 2 million. The business will become part of Huhtamaki’s Foodservice Europe-Asia-Oceania business segment.
Huhtamaki is a global specialist in packaging for food and drink. With network of 73 manufacturing units and 23 sales offices in 34 countries, approximately 17,000 employees develop and make packaging for the company. In 2015 its net sales totalled Euro 2.7 billion. The Group has its head office in Espoo, Finland.
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