Huhtamaki acquires folded carton packaging specialist Interpac

31 August 2014 (Last Updated August 31st, 2014 18:30)

Finland-based packaging company Huhtamaki has acquired folded carton packaging specialist Interpac Packaging.

Finland-based packaging company Huhtamaki has acquired folded carton packaging specialist Interpac Packaging.

The €7m acquisition will allow Huhtamaki to expand its product offering.

As part of the transaction, Interpac Packaging will become a part of Huhtamaki's foodservice Europe-Asia-Oceania business segment.

Interpac manufactures folded carton for fast-moving consumer goods and retail products, as well as the foodservice market in New Zealand.

The company develops corrugated protective packaging for the local wine industry.

Interpac employs 85 people and recorded €11m in annual net sales in 2013.

"Our organic growth this quarter was 7% against our target of 5%."

Huhmataki acquired Positive Packaging in July for $336m. Positive has nine manufacturing facilities in India and the UAE, as well as businesses in Africa.

Huhtamaki witnessed 6% and 12% growth in comparable net sales and in emerging markets respectively.

Huhtamaki CEO Jukka Moisio previously said: "Our organic growth this quarter was 7% against our target of 5%.

"Our good pace in the emerging markets continued and we achieved 12% organic growth.

"Our pipeline of ideas and projects continues to be good in terms of new product development, bringing them to market, as well as new businesses.

"The hard work of our acquisition team was rewarded as we were able to announce the acquisition of Positive Packaging early July.

"Positive Packaging is a good fit to our strategy of quality growth and emerging market positions."