Finnish Huhtamaki acquires Chinese Jiangsu Hihio-Art Packaging.
Packaging and the Finnish listed company Huhtamaki, which manufactures cardboard containers, acquires Jiangsu Hihio-Art Packaging, a Chinese manufacturer of paper bags, wrapping paper and folding boxboard packaging. The debt-free purchase price of the acquisition is EUR 27 million.
The company to be acquired employs approximately 200 people at its factory in Xuzhou, Jiangsu, and serves international fast food restaurants and nationwide bakery chains in China.
Employees of Jiangsu Hihio-Art Packaging will be offered the opportunity to continue working for Huhtamaki after the completion of the acquisition. The turnover of the privately owned company was approximately EUR 20 million in 2020.
Huhtamaki last year had a turnover of EUR 3.3 billion and an adjusted operating profit of EUR 302 million.
Following the acquisition, Huhtamaki has a total of four production units in China, located in Guangzhou, Shanghai, Tianjin and Xuzhou.
According to Huhtamaki, the completion of the transaction is subject to the fulfillment of normal conditions and the transaction is expected to be completed by the end of the third quarter of this year.
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