2014-2017 Exhibitions
Finland-based packaging company Huhtamaki that announced in July it was looking at divesting its films business has agreed to sell it to DBAG Fund VI, a fund advised by Deutsche Beteiligungs, a German private equity company listed on the Frankfurt stock exchange, for EUR141 million.. In July 2014 Huhtamaki announced that as a result of its growing strategic focus on food packaging it had started to evaluate options regarding its films business (http://www.plasticsandrubberasia.com/july2014/company7.html).
The business contributed EUR187 million to the group's EUR2.3 billion in total sales last year.
Huhtamaki, which had been reviewing options for the films business as the group focuses on food packaging, said it expects to book a small capital gain as well as a reduction in goodwill of about EUR45 million upon closing the deal.
According to Germany-based DBAG Fund VI, the majority of the business will be held by it and its management, while Deutsche Beteiligungs will hold 17%.
In July this year, Huhtamaki acquired India's Positive Packaging for EUR247 million to allow it further access to Indian and Middle Eastern markets.
The films segment manufactures and sells films that are mainly used for technical applications in the label, adhesive tape, hygiene and health care industries, as well as building and construction, automotive, packaging and graphic arts industries. The segment serves global markets from manufacturing units in Europe, Asia, North America and South America.
(PRA)
