Huhtamaki to acquire full ownership of its Brazilian joint venture company Laminor
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06 Jan 2020 --- Huhtamaki has agreed to acquire full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.
The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group’s flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately €25 million. Following the acquisition, Laminor will be consolidated as a subsidiary in the Group’s financial reporting and reported as part of the Flexible Packaging business segment. The additional shares are acquired at a price of approximately €30 million.
The transaction is subject to the approval of competition authorities in Brazil and it is expected to be closed during the first quarter in 2020.
In other Huhtamaki news, the global supplier completed the acquisition of the majority of the business of Everest Flexibles (Everest) for an enterprise value of €58 million. Everest is a privately-owned flexible packaging manufacturer in South Africa.
In a bid to address rising environmental concerns, Huhtamaki Flexible Packaging recently introduced a recyclable, polyolefin-based barrier flexible packaging solution for shampoo sachets.
Last year, the Finnish paper-based specialist participated in a study to analyze the life-cycle of various types of coffee cups, where it was found that paper cups generally have the lowest carbon footprint. Huhtamaki is the manufacturer of the plant polyethylene (PE) coated FutureSmart paper cup, which is made entirely from plant-based materials.
Edited by Joshua Poole
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