Finland-based Huhtamäki Oyj has agreed to sell the majority of its European rigid plastic consumer goods operations to Island Lux S.à r.l. & Partners S.C.A., an affiliate of Sun Capital's Sun European Partners.
The divested operations include rigid plastic consumer goods packaging manufacturing in Hämeenlinna, Finland; Auneau, France; Siemianowice, Poland; and Istanbul, Turkey, as well as sales units in Germany and Lithuania. The divested units serve multinational and local customers with primarily dairy, edible fats, ready meal and ice cream packaging.
The divested business consists of assets currently reported under discontinued operations. The agreed value for the transaction is €52m. Closing of the transaction is subject to approval by competition authorities.
The annual net sales of the divested operations is approximately €160m and it currently employs about 1,100 people.
Huhtamäki Oyj’s CEO Jukka Moisio commented that Sun Capital, with extensive packaging experience and presence in several European markets through certain of its affiliates, is a good future owner for the business.