December, 23, 2019 - Huhtamaki has agreed to acquire full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.
The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group’s flexible packaging offering. Based in Parnamirim, in the Brazilian state of Rio Grande do Norte, Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. Following the acquisition Laminor will be consolidated as a subsidiary in the Group’s financial reporting and reported as part of the Flexible Packaging business segment. The additional shares are acquired at a price of approximately EUR 30 million.
The transaction is subject to the approval of competition authorities in Brazil and it is expected to be closed during the first quarter in 2020.
Huhtamaki is a global specialist in packaging for food and drink. With oa network of 80 manufacturing units and additional 24 sales only offices in 35 countries, the company masters three distinctive packaging technologies and has approximately 18,800 employees. In 2018, the company net sales totaled EUR 3.1 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd.