Huhtamaki buys Chinese packaging producer

摘要

Finnish packaging group Huhtamaki is strengthening its position in the foodservice packaging market in China. The company has entered into an agreement to acquire the assets of Jiangsu Hi-hio-Art Packaging Co. Ltd., for a purchase price of €27m on a debt-free basis. With this acquisition, Huhtamaki expands its product portfolio in China and gets access to new selling channels, the company writes. Jiangsu Hihio-Art Packaging is a privately owned business that produces paper bags, wraps and folding cartons for international quick-service restaurants (QSR) as well as national bakery chains. The company employs approximately 200 people in its manufacturing unit in Xuzhou city, Jiangsu, and recorded annual sales of approximately €20m in 2020.