Huhtamaki has acquired the majority of Tailored Packaging, an Australian foodservice packaging distribution and wholesale group. The debt free purchase price for 65% ownership of the joint venture was approximately Euro 35 million, as the company said in the press release received by Lesprom Network.
As the majority shareholder Huhtamaki will consolidate the joint venture company as a subsidiary in the Group's financial reporting. The business will be reported as part of the Foodservice Europe-Asia-Oceania business segment.
Tailored Packaging is a national foodservice packaging distribution and wholesale group, founded in Sydney in 2001 and having sales offices and distribution centers in each state of Australia. Tailored Packaging employs app. 130 people and is one of the largest importers and distributors of foodservice packaging in Australia.
Huhtamaki is a global specialist in packaging for food and drink.
