Huhtamaki has acquired a 70% stake in Irish paper cup manufacturer Cup Print in a deal worth €22 million.
With the purchase, Huhtamaki said it will improve its access to the growing market of short run custom-printed cups and boost its online commercial activity.
The Finnish food packaging company added that Cup Print’s short run capability will also allow it to even better support its current customers’ promotional activities.
Cup Print is specialised in short run custom printed cups with quick delivery time. It has an online service model which is said to allow for efficient design and delivery of small volumes.
The company’s annual net sales are approximately €14 million and it employs around 110 people in its manufacturing unit in Ireland and sales office in Germany. It will be incorporated into Huhtamaki’s Foodservice Europe-Asia-Oceania business segment.
The move follows a series of investments by Huhtamki in recent months. It has bought International Paper’s foodservice packaging operations in China for €15 million and a majority stake in Australian foodservice packaging distributor Tailored Packaging for €35 million.
Earlier this month, it offloaded its confectionery portfolio, which includes brands such as Jolly Rancher and Milk Duds, to US-based investment firm Highlander Partners.
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