Huhtamaki Oyj has entered into an agreement to acquire Fiomo, a privately owned manufacturer of flexible packaging foils and labels in the Czech Republic.
With the acquisition, Huhtamaki has expanded its flexible packaging manufacturing footprint to Eastern Europe and is able to offer agile, high-quality off-set printing capabilities for smaller production runs for its customers in Europe. The transaction, expected to be finalised in early 2016, is accompanied by a purchase price of approximately €28m.
Huhtamaki Oyj executive vice-president, flexible packaging Olli Koponen said: “I am pleased to announce this addition in our flexible packaging manufacturing network. European flexible packaging market is experiencing a positive momentum, with increasing versatility in customers’ needs. FIOMO’s manufacturing capabilities complement our offering and ensure better resourcing and faster response when serving our customers across Europe.”
Fiomo had net sales of €21m in 2014 and employed approximately 120 people in its manufacturing unit in the Prague area.
Earlier, Huhtamaki announced an investment totalling around £5m in its molded fibre packaging manufacturing unit in Lurgan, Northern Ireland, as part of its wider strategy for growth.
© FoodBev Media Ltd 2019
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