Packaging solutions provider Emballator has announced the acquisition of Finland-based plastic packaging and blown plastic manufacturing company Europak.

The companies have not disclosed the purchase price and other financial details of this transaction.

The deal is now subject to certain customary closing conditions and approvals. It is expected to be completed on 1 September this year.

With this acquisition, Emballator intends to strengthen and expand its foothold in the Northern Europe region.

Emballator Group CEO Kent Viitanen said: “The acquisition will strengthen our position in most of all Finland and the Baltics and that is fully in line with our strategy to become the natural choice of packaging partner in the Nordics and Northern Europe.

“We invest purposely in sustainable growth and being close to our customers is important.”

Once the deal is closed, the Finnish company will work in close coordination with Emballator's group, Mellerud, as both have similar and supplementary products.

Following this transaction, Europak will continue to retain its key employees, as well as its managing director Harri Laaksonen.

Currently, the Finnish company hires approximately 18 employees, with an annual turnover of more than €8m.

Laaksonen said: “Emballator’s new innovation centre gives the company excellent development opportunities of new recycled plastic materials and new production techniques.

“We are proud that we have found a dependable partner in Emballator that wants to grow to the next stage with our customers and employees.”

Currently owned by Finnish investment company Korpi Capital and Laaksonen, Europak is an Espoo, Finland-based company that caters to customers from various industries, including in the blow-moulded plastic packaging, canisters, food and chemical sectors. It was founded in 1980.

Europak chair and Korpi Capital partner Mikko Fischer said: “Collaborating with Emballator, an established player in the industry, has been a pleasure throughout the transaction process.

“While Korpi Capital’s investment strategy is focused on long-term ownership, together with our co-owner Harri Laaksonen we concluded that partnering with Emballator is the right choice for Europak.”