Finnish firm Huhtamaki to buy Positive Packaging for Rs 2009 cr

Huhtamaki, the Finland-based global manufacturer of consumer and specialty packaging, has entered into an agreement to acquire Positive Packaging Industries for Euro 247 million (about Rs 2009 crore). Positive Packaging Industries, a privately owned flexible packaging company with nine manufacturing facilities in India and the UAE as well as significant business in Africa and other export markets, has an annual turnover of approximately Rs 1,000 crore.
 
With the acquisition Huhtamaki continues to implement its strategy of quality growth and strengthens its position in the fast-growing emerging markets. Positive Packaging will become part of Huhtamaki's Flexible Packaging business segment.
 
"Together with Positive Packaging, Huhtamaki will become a leading flexible packaging provider in the fast-growing emerging markets. With the acquisition, we expand our flexibles manufacturing into Middle East and double our sales in Africa with an unmatched footprint. In addition, Positive Packaging's expertise in high quality printing and cylinder making, as well as their strong focus on innovations are a perfect fit for Huhtamaki's growth strategy,” said Shashank Sinha, Executive Vice President, Flexible Packaging.