Huhtamäki Oyj's subsidiary has entered into an agreement to acquire Butterworth Paper Cups Sdn Bhd, a privately owned paper cup and foodservice packaging manufacturer in Malaysia. The company employs approximately 120 people in its manufacturing unit in Penang, Malaysia. With the acquisition Huhtamaki expands its foodservice manufacturing footprint to Southeast Asia and significantly strengthens its presence and capability to serve customers in Malaysia, Singapore and other regional Southeast Asian markets.
The purchase price is approximately EUR 8 million, which also approximately corresponds with the annual net sales of the business to be acquired. The unit will become part of Huhtamaki's Foodservice Europe-Asia-Oceania business segment. The acquisition is expected to be closed during April 2015.
Huhtamaki is a global specialist in packaging for food and drink with the network of 67 manufacturing units and 23 sales offices in 33 countries. In 2014 net sales totaled EUR 2.2 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on NASDAQ OMX Helsinki Ltd.
Huhtamaki acquires Malaysian cup manufacturer