Finnish packaging company Huhtamaki has agreed to purchase global sustainable flexible packaging supplier Elif for a cash and debt-free purchase price of €412m ($483m).

The deal is in line with Huhtamaki’s 2030 growth strategy and is intended to strengthen its position in emerging markets and expand its flexible packaging business and product range.

Elif will be integrated into the company’s Flexible Packaging business segment.

With the acquisition, Huhtamaki also aims to increase its technology capabilities and product range in strategic locations.

Founded in 1972, Elif supplies high-quality sustainable flexible packaging made from both post-industrial and post-consumer recycled polymers across Europe, the Middle East and Africa.

The company operates two advanced manufacturing locations in Istanbul, Turkey and Cairo, Egypt. It employs around 1,500 people in total.

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More than 90% of Elif’s product portfolio is recyclable. The company posted around €163m ($195m) in net sales last year.

Huhtamaki president and CEO Charles Héaulmé said: “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.

“We are impressed by Elif’s focus on its customers, with decades of strategic partnerships with blue-chip multinational companies who are leaders in their field, and Elif’s strong and capable leadership team.

“We are looking forward to building on the existing strong foundations together, to further grow the business and deliver innovative sustainable packaging solutions to current and new customers globally.”

Elif CEO Selçuk Yarangűmelioğlu said: “We are excited to join Huhtamaki, a company that shares our sustainability and growth vision.

“Under new ownership, we will continue to deliver sustainable solutions to our customer base globally, enhance our focus on fast-growing emerging markets, realize synergies through scale and expand our capabilities.”

In June, Huhtamaki acquired the assets of China-based food-contact paper product manufacturer Jiangsu Hihio-Art Packaging for €27m ($32.5m).