Finnish food packaging specialist Huhtamaki has completed the purchase of International Paper's foodservice packaging operations in China.
The divested business has two facilities in Shanghai and Tianjin and a workforce of about 200 employees.
Huhtamaki merged the acquired business units into the Foodservice Europe-Asia-Oceania business segment.
As of 2016, the net sales of the acquired foodservice packaging units was reported to be around €19m.
In June this year, International Paper has entered into agreement with Huhtamaki to divest the acquired business units.
The deal expands Huhtamaki's operations in China, enabling it to serve its customers even better in the future.
Huhtamaki has around 77 manufacturing units located across 34 countries. The company manages employee strength of around 17,400 workers and has generated net sales of €2.9bn by 2016.
Headquartered in Tennessee, International Paper provides renewable fiber-based packaging, pulp and paper products. Its manufacturing units are located across North America, Latin America, Europe, North Africa and Russia.
International Paper manages around 55,000 employees working across 24 countries. As of 2016, the total net sales of the company was reported to be $21bn.
In the first quarter of this year, Huhtamaki has entered into an agreement with Guangzhou Yashao Investment to sell one of its manufacturing facilities for €14m located in Guangzhou, China.