Huhtamäki (OMXH: HUH1V) has agreed to acquire paper and plastic disposable packaging products makers Josco Holdings Limited. Josco is headquartered in Tsim Sha Tsui, Kowloon, Hong Kong and has manufacturing sites in Guangdong and Shandong in mainland China. It is privately owned company with 2011 net sales around 70 million Euros. It currently employs around 1350 people.
The transaction, which is expected to conclude in April, is aimed to consolidate Huhtamäki’s position in Asia with high quality foodservice packaging products. The debt-free purchase price is 67 million Euros. After completion Huhtamäki will have 12 manufacturing units in Asia. The stock opened up by 3% but has since slid into the red.
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