Huhtamaki has completed the acquisition of Jiangsu Hihio-Art Packaging Co. Ltd.’s assets. The acquisition strengthens Huhtamaki’s position as the leading foodservice packaging provider in Asia and expands its product portfolio allowing it to better serve both existing and new customers in China.
Huhtamaki now has approximately 850 employees across four manufacturing units in China, with Hihio-Art Packaging Co. Ltd.’s approximately 200 employees joining as Huhtamaki employees at the newly established Huhtamaki Foodservice (Xuzhou) Limited.
The net sales of the acquired business were approximately Euro 20 million in 2020. The debt free purchase price was Euro 27 million.
Jiangsu Hihio-Art Packaging is a privately owned manufacturer of paper bags, wraps and folding carton packaging in China.
Huhtamaki is a key global provider of sustainable packaging solutions.