Huhtamaki has agreed to acquire flexible packaging provider Elif for €412 million ($483 million).
Based in Turkey, Elif supplies its packaging solutions to customers across Europe, the Middle East and Africa, serving markets including food, beverage and dairy, as well as personal, home and pet care.
The company – which has manufacturing operations in Istanbul, Turkey and Cairo, Egypt – recorded net sales of approximately €163 million ($195 million) in 2020.
According to Huhtamaki, Elif specialises in sustainable flexible packaging, and uses both post-industrial and post-consumer recycled polymers as raw materials.
Huhtamaki says that more than 90% of Elif’s current product portfolio is recyclable and that the range also includes compostable films. The acquisition is therefore expected to support Huhtamaki’s ambition to have 100% of its products designed to be recyclable, compostable or reusable by 2030.
The deal also expands Huhtamaki’s product range and technology offering, including with new flexographic printing capabilities, and extends the company’s flexible packaging manufacturing footprint into Turkey.
“I am thrilled to announce this acquisition. With a great portfolio, a strong focus on sustainability and high growth ambitions, Elif is a perfect fit for Huhtamaki,” said Charles Héaulmé, Huhtamaki president and CEO.
“Our 2030 growth strategy is particularly focused on sustainability and competitiveness, which Elif strongly supports. I look forward to working with Elif’s management to continue their success under the new ownership”.
Selçuk Yarangűmelioğlu, CEO of Elif, added: “Elif has always been a dedicated partner for multinationals with a best-in-class asset base, service and quality”.
“Under new ownership, we will continue to deliver sustainable solutions to our customer base globally, enhance our focus on fast-growing emerging markets, realise synergies through scale and expand our capabilities.”
The transaction is subject to the approval of competition authorities in Turkey.
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