Finland-based packaging firm Huhtamäki Oyj has sold its Italian subsidiary Huhtamaki to polystyrene packaging manufacturer Diesse for €5m.
The sale includes the rigid plastic manufacturing units in Settimo Torinese, Sant’Ilario d’Enza and Buccino, whose shares have been transferred to Diesse.
Huhtamäki Oyj CEO Jukka Moisio said the divested units in Italy were not part of the group’s core business in Europe.
"We will, however, continue to serve the professional foodservice market in Italy from our other European units," Moisio added.
Diesse director Faro Di Santo said, "We are happy to add the business of Huhtamaki S.p.A. to our Group. This will allow us to expand our manufacturing operations and strengthen our market presence in Italy."
With the divestment, the packaging firm expects to have an estimated €3m to €4m annualized positive impact on the Foodservice Europe-Asia-Oceania segment’s EBIT of 2014.
In 2013, Huhtamaki reported net sales of about €50m.