 "Huhtamaki buys 51% stake in Val Pack to enter foodservice packaging market in India")
Finnish packaging firm Huhtamaki has entered the growing foodservice packaging market in India by acquiring 51 percent of Val Pack Solutions Private Limited, a privately held paper cup manufacturer based in Mumbai, for approximately Euro 2 million (about Rs 15 crores). The business will become part of Huhtamaki's Foodservice Europe-Asia-Oceania business segment.
“Many of our global and regional customers have plans to grow in India. With Val Pack, a well-established company with high manufacturing standards, we are able to serve them locally. We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of foodservice packaging to the Indian market,” said Eric Le Lay, executive vice president, Foodservice Europe-Asia-Oceania, Huhtamaki.
Val Pack’s annualised net sales are approximately Rs 30 crore and employs about 100 people in its manufacturing unit in Mumbai. Val Pack Solutions supplies a comprehensive range of paper cups (cold cups, hot cups, ripple cups, ice-cream cups, and lids) from small to large sizes for both domestic and international market. Its major range of products include disposable poly-coated paper cups in various sizes and high impact polystyrene lids which are used for both hot and cold beverages apart from other food service packaging products.
Huhtamaki, the global manufacturer of consumer and specialty packaging, has been expanding the presence in India with series of acquisitions in last 3-4 years. In July 2014, it acquired Positive Packaging Industries, a privately owned flexible packaging company with nine manufacturing facilities in India and the UAE, for Euro 247 million (about Rs 2009 crore).
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