Pulp & Paper News

Huhtamaki to sell its manufacturing facility and land usage rights in Guangzhou, China to Yashao Investment for Euro 14 million



ESPOO, Finland , April 21, 2017 (Press Release) - 

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. 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 third quarter of 2017.The selling price is approx. EUR 14 million and the sale is expected to be finalized during the second quarter of 2017. As a result of the sale, a gain of approx. EUR 6 million will be booked as an item affecting comparability (IAC) in the second quarter of 2017 in the Foodservice Europe-Asia-Oceania business segment.

Huhtamaki is a global specialist in packaging for food and drink. With our network of 76 manufacturing units and additional 24 sales only offices in altogether 34 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 17,000 employees develop and make packaging that helps great products reach more people, more easily. In 2016 our net sales totaled EUR 2.9 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd.

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