Finnish packaging company Huhtamaki has completed its previously announced acquisition of Turkey-based flexible packaging supplier Elif.

The cash and debt-free transaction is valued at €412m ($483m) and its completion follows full approval from the Turkish competition authority.

Huhtamaki initially announced the deal last month and said that the acquisition supports its 2030 growth strategy.

At the time of announcing the deal, Huhtamaki president and CEO Charles Héaulmé said: “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.

“I am delighted to welcome Elif’s Group CEO Selçuk Yarangűmelioğlu, Elif’s Group chief financial officer and Middle East and Africa general manager Mehmet Çayirezmez, the leadership team and the entire Elif organisation to the Huhtamaki family.”

Elif will be reported under Huhtamaki´s Flexible Packaging business segment.

The deal is intended to strengthen Huhtamaki’s position in emerging markets and expand its existing flexible packaging business and product range.

It will also add advanced flexographic printing capability and in-house cliché production to the company’s capabilities.

Huhtamaki aims to make all its products recyclable, compostable or reusable by 2030.

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

“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.”

Elif caters to fast-moving consumer goods (FMCG) brand owners worldwide. The company has more than 200 production sites in more than 50 countries, employing 1,500 people in total.

Last year, the business posted net sales of around €163m ($195m).