Food packaging service provider Huhtamaki has secured 100% ownership of its Brazilian joint venture (JV) company Laminor.
The acquisition will enable Huhtamaki to expand its tube laminate business and boost the group’s flexible packaging offering.
In a statement, Huhtamaki said the transaction has resulted in the recognition of a gain in the income statement “as item affecting comparability in the Q1/2020 financial results”.
Laminor specialises in manufacturing high-quality tube laminates for various markets including oral care applications.
The company was established in 2002 as a 50/50 joint venture by Huhtamaki and Bemis Company.
With around 130 employees, Laminor reported net sales of approximately €25m in 2018.
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With the conclusion of the deal, Huhtamaki has now become the sole owner of Laminor.
The company will be merged as a subsidiary and report under the group’s Flexible Packaging business segment from 1 April.
Based in Finland, Huhtamaki provides sustainable food-on-the-go and food-on-the shelf packaging solutions.
The company is committed to attaining carbon neutral production and making its products recyclable, compostable or reusable by 2030.
Employing 18,600, the company operates in 81 sites across 35 countries.
Last month, Huhtamaki revealed plans to integrate its two business segments, Foodservice Europe-Asia-Oceania and Fibre Packaging.
Given the current difficult situation globally due to coronavirus (Covid-19) crisis, the company decided to withdraw its outlook for 2020 which was published on 13 February.