Finnish packaging firm Huhtamaki is acquiring Indian processor Positive Packaging, a privately owned flexible packaging company with nine manufacturing facilities in India and the United Arab Emirates as well as significant business in Africa and other export markets. With the acquisition Huhtamaki says it continues to implement its strategy of quality growth and strengthen its position in the fast-growing emerging markets.

Jukka Moisio, CEO of Huhtamäki said, "It further enhances our position in India and provides us with much improved access to the fast growing markets of Africa and Middle East. Many of our global customers are investing heavily to grow in these markets, and now we are even better resourced to help them grow."

The annual net sales of the business to be acquired are approximately EUR220 million and it employs approximately 2,500 people in India and UAE as well as in the sales offices in seven countries. Huhtamaki will acquire Positive Packaging for a debt free purchase price of EUR247 million. The business will become part of Huhtamaki's Flexible Packaging business segment.

"Together with Positive Packaging, Huhtamaki will become a leading flexible packaging provider in the fast-growing emerging markets," says Shashank Sinha, Executive Vice-President, Flexible Packaging. "With the acquisition we expand our flexible manufacturing into Middle East and double our sales in Africa with an unmatched footprint," he continued. "In addition, Positive Packaging's expertise in high quality printing and cylinder making, as well as their strong focus on innovations are a perfect fit for Huhtamaki's growth strategy."

The transaction is subject to the approval of competition authorities and other regulators and it is expected to be finalised in the fall.

Huhtamaki Group is a leading manufacturer of consumer and speciality packaging with 2013 net sales totaling EUR2.3 billion. Food service and consumer goods markets are served by approximately 14,400 people in 61 manufacturing units and several sales offices in 30 countries. The parent company, Huhtamäki Oyj, has its head office in Espoo, Finland.