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Huhtamaki acquires Turkish plastic packaging manufacturer Elif Holding

August 18/2021

MOSCOW (MRC) - Huhtamaki (Finland) has signed an agreement to acquire Turkey's Elif Holding A.S., a major supplier of environmentally friendly flexible packaging, for EUR412 mn (USD483 mn), the company said in a statement.

In a press release, the company notes that the acquisition is in line with the Finnish packaging manufacturer's growth strategy to 2030 in terms of geographic reach, technological capabilities and product mix. This allows Huhtamaki to expand its flexible packaging production capacity in Turkey, which the company considers to be one of the countries with the greatest growth in the future.

The Elif business will become part of the company's Flexible Packaging business segment. Bridging financing for the USD500 mn acquisition of Elif is supported by Citibank, which also acted as a consultant on the transaction.

In addition, the two companies share similar commitments in three areas: environmental, social and corporate, and in supporting their clients to achieve their sustainability goals.

The deal is subject to Turkish antitrust approval and is expected to close after regulatory approval. Both companies will continue to operate as usual until the closure.

Earlier it was reported that Finnish Huhtamaki Flexible Packaging Europe received approval from the European industry group RecyClass (Belgium) for its three new laminated polyethylene tube technologies, developed in collaboration with Czech company Zalesi and toolmaker Plastuni Lisses, part of the Somater Group. Tubes made with this technology from HDPE with easy to apply direct printing have been tested in an independent laboratory.

Founded in 1972, Elif has set a goal by 2025 to develop packaging that is 100% recyclable, recyclable or compostable. The company specializes in high quality environmentally friendly flexible packaging based on recycled polymers in both the post-industrial and consumer sectors.

Elif operates a state-of-the-art system for the collection and disposal of industrial plastic scrap at both its own and customers' premises, and over 90% of the company's current product portfolio is recyclable and the product range also includes compostable films.

In Russia, Khukhtamaki has two production sites - in Ivanteevka (Moscow region) and in Alabuga (Tatarstan), where it produces packaging for the catering sector and packaging for eggs.


mrcplast.com
Author:Anna Larionova
Tags:PE, HDPE, injection moulding, other extrusion, packaging, Huhtamaki, Finland.
Category:General News
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