Finnish packaging company Huhtamaki will sell its films business segment to DBAG Fund VI, a fund advised by Deutsche Beteiligungs, for €141m.

The company had been evaluating options to sell its films business in order to focus on food packaging.

Huhtamaki’s films segment manufactures and sells films that are mainly used for technical applications in the label, adhesive tape, hygiene and healthcare sectors, as well as building and construction, automotive, packaging and graphic arts industries. It has manufacturing units across Europe, Asia, North America and South America.

The transaction, which is subject to the approval of German competition authorities, is expected to be completed in late 2014 or early 2015.

Post-completion, Huhtamaki will book a small capital gain and a reduction in goodwill of approximately €45m.

"The company had been evaluating options to sell its films business in order to focus on food packaging."

Huhtamaki CEO Jukka Moisio said: "We feel that DBAG is a good and committed owner for the films business and has good resources for growing and developing the business further in the future.

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"The segment’s net sales have grown well in 2014 and its financial performance has improved markedly.

"I would like to take the opportunity to congratulate the management of the segment for a job well done.

"The future owner will continue to benefit from this good development.

"From Huhtamaki’s point of view, this turns a new page in our story, with a further growing focus on food packaging."

Huhtamaki’s films segment generated €187m in annual net sales in 2013 and had 927 employees at the end of September 2014.