Huhtamaki has agreed to sell one of its manufacturing facilities and the related land usage rights in Guangzhou, China, to Guangzhou Yashao Investment Co. Ltd., as the company said in the press release received by Lesprom Network.
The sale is part of the ongoing consolidation of Huhtamaki's foodservice packaging manufacturing operations in South China. The transfer of manufacturing activities into one efficient, modernized unit is expected to be completed and the sold facility vacated during the 3Q 2017.
The selling price is approx. Euro 14 million and the sale is expected to be finalized during the 2Q 2017. As a result of the sale, a gain of approx. Euro 6 million will be booked as an item affecting comparability (IAC) in the 2Q 2017 in the Foodservice Europe-Asia-Oceania business segment.
Huhtamaki is a global specialist in packaging for food and drink.
