Finland-based packaging solutions provider Huhtamaki has purchased a 70% stake in Irish paper cup manufacturer, Cup Print, for around €22m.
Image: Huhtamaki has acquired a majority interest in Ireland-based Cup Print. Photo: courtesy of adamr / FreeDigitalPhotos.net.
Established in 2009, CupPrint is specialized in producing short run custom printed cups with fast delivery time.
Cup Print product portfolio includes double wall cups, single wall cups, ice cream cups and lids.
The firm produces Vegware compostable cup, which is provided with compostable bio coating as a barrier rather than polyethylene coating.
It also produces reCUP that features coating, which can be recycled in traditional paper recycling systems.
In addition, Cup Print manufactures Frugalpac cup, which is produced by using recycled cardboard and can be processed by any recycling facility.
Cup Print has around 110 employees in its manufacturing facility in Ireland and sales office in Germany. It generates net sales of around €14m per annum.
Huhtamaki will include the acquired business in its foodservice Europe-Asia-Oceania business segment.
The acquisition will help Huhtamaki to improve its access to the growing market of short run custom-printed cups, in addition to expanding its on-line commercial operations.
The short run capability also enables the company to extend more support for the promotional activities of current customers.
Separately, Huhtamaki announced that three-party consortium will test a trial version of a renewable fiber based ready meal packaging.
An alternative to existing plastic ready meal trays, the new tray is being tested with two Italian style ready meals at a major UK retail chain between May and June this year.
Huhtamaki, along with Södra and Saladworks, has developed new packaging concept under EU-funded project known as FRESH.
In May this year, Huhtamaki purchased a 5% stake in Australian foodservice packaging distributor Tailored Packaging for €35m.
Tailored Packaging imports and distributes bags, bin liners, foodservice wraps, food prepackaging, containers, cups, tableware, and hygiene and industrial products to its clients.