Finland-based Huhtamaki announced on 8 July an agreement to acquire Positive Packaging, a flexible packaging company with nine plants in India and the UAE.
Huhtamaki CEO Jukka Moisio said the purchase continues a strategy of quality growth and strengthens its position in fast-growing emerging markets.
“It further enhances our position in India and provides us with much improved access to the fast growing markets of Africa and Middle East,” he said. “Many of our global customers are investing heavily to grow in these markets, and now we are even better resourced to help them grow.”
The business will become part of Huhtamaki’s Flexible Packaging business segment.
Positive Packaging‘s net annual sales total about EUR220m ($300m) and it employs about 2,500 people in India and UAE as well as in the sales offices in seven countries.
Shashank Sinha, executive vice president for Flexible Packaging, said the acquisition of Positive Packaging would make Huhtamaki a leading flexible packaging provider in emerging markets.
“With the acquisition we expand our flexibles manufacturing into Middle East and double our sales in Africa with an unmatched footprint,” he said.
“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.”
The transaction is subject to the approval of competition authorities and other regulators and it is expected to be finalised in autumn.