Huhtamaki to acquire full ownership of its Brazilian joint venture company Laminor - Global Paper Money

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Huhtamaki to acquire full ownership of its Brazilian joint venture company Laminor

BRAZIL (News release) -- Huhtamaki has agreed to acquire full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.

The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group's flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. Following the acquisition Laminor will be consolidated as a subsidiary in the Group's financial reporting and reported as part of the Flexible Packaging business segment. The additional shares are acquired at a price of approximately EUR 30 million.

The transaction is subject to the approval of competition authorities in Brazil and it is expected to be closed during the first quarter in 2020.

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