ANKARA (Turkey), September 27 (SeeNews) - Finnish packaging solutions provider Huhtamaki Oyj said it has completed the acquisition of Turkish peer Elif Holding for 412 million euro ($482.7 million) after obtaining permission from the Turkish competition authority.
With this purchase, which was inked in August, Huhtamaki reinforces its position as a leading flexible packaging company in emerging markets and strengthens its existing flexible packaging business in attractive consumer product categories, the buyer said in a press release published last week.
Established in 1972, Elif specialises in sustainable flexible packaging for food, beverage, pet, home and personal care industries, with its products used in more than 200 production sites in over 50 countries. The company, which is present in Europe, the Middle East and Africa, operates two plants in Istanbul and Cairo and employs more than 1,500 people.
The acquired business generated net sales of about 163 million euro in 2020. The Turkish firm will now operate as part of Huhtamaki’s flexible packaging business segment.
($ = 0.8534 euro)