Finland-based packaging manufacturer Huhtamaki is selling its European rigid plastic consumer goods operations, excluding the business in Italy, for €52m.
The company is selling the businesses to Island Lux, an affiliate of Sun European Partners, which is the European adviser to Sun Capital Partners, a US-based private investment firm.
“We are very pleased to progress in the strategic review of our remaining rigid plastic consumer goods operations in Europe,” said Huhtamäki Oyj’s CEO Jukka Moisio. “Especially being able to divest such a large part to a single buyer is a positive outcome.”
The divested operations include manufacturing plants in Finland, France, Poland and Turkey, and sales units in Germany and Lithuania. The divested units make packaging for dairy, edible fats, ready meal and ice cream packaging.
Huhtamaki's Italian rigid plastics business is not included in the Island Lux deal. “The strategic review of the rigid plastics business in Italy currently reported under other activities will continue”, said Moisio.
Earlier this year, Huhtamaki sold its South American rigid plastic consumer goods businesses to US-based Bemis for €30m. The acquisition included three plants in Brazil, which mainly produce packaging for dairy, ice cream and edible fat products, and one in Argentina, which serves local foodservice markets.
Last year, Huhtamaki sold plants in Sweden and the UK.
Huhtamaki sells its European operations