Huhtamaki has acquired 51 per cent of Val Pack Solutions Private Limited, a privately held paper cup manufacturer based in Mumbai. With this acquisition, Huhtamaki has entered the growing foodservice packaging market in India, where many of its key customers are already present.
“I am pleased to expand our presence to India with the acquisition of Valpack,” said Executive Vice President, Foodservice Europe-Asia-Oceania, Eric Le Lay.
“Many of our global and regional customers have plans to grow in India. With Valpack, a well-established company with high manufacturing standards, we’re able to serve them locally. We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of foodservice packaging to the Indian market,” he added.
Valpack’s annualized net sales are approximately 4 million Euros and it employs roughly 100 people in its manufacturing unit in the Mumbai area.
The debt-free purchase price was approximately 2 million Euros. The business will become part of Huhtamaki’s Foodservice Europe-Asia-Oceania business segment.
Huhtamaki is a global specialist in packaging for food and drink. With its network of 73 manufacturing units and 23 sales offices in 34 countries, the company is well placed to support customers’ growth wherever they operate.
Mastering three distinctive packaging technologies, approximately 17,000 employees develop and make packaging that helps great products reach more people, more easily.
In 2015 Huhtamaki’s net sales totaled 2.7 billion Euros. The Group has its head office in Espoo, Finland.