The firm already purchased a majority stake in Huhtamaki Tailored Packaging in 2018 and held approximately 76% of the company before this full ownership transaction
Huhtamaki has snapped up full ownership of HTP. (Credit: Huhtamaki)
Finnish sustainable packaging company Huhtamaki has snapped up a 100% stake in its Australian foodservice packaging distribution and wholesale group, Huhtamaki Tailored Packaging (HTP).
HTP is the importer and distributor of food service packaging in Australia. It serves a range of customers, including metropolitan and regional packaging wholesalers, food wholesalers, club and hospitality suppliers, and national quick-service restaurant businesses.
Huhtamaki already purchased a majority stake in the HTP in 2018 and held approximately 76% of the company before this full ownership transaction.
The packaging firm stated that the debt-free purchase price is around €19m for the additional shares.
Since the company started operating in 2018, it has been represented as a component of the Foodservice Europe-Asia-Oceania business segment, Huhtamaki said.
The Finnish firm offers packaging to protect the on-the-go and on-the-shelf food and beverages and personal care products to ensure hygiene and safety, driving accessibility and affordability, and preventing food waste.
The company aims to achieve carbon-neutral production and design all its products to be recyclable, compostable or reusable by 2030.
In November last year, Huhtamaki announced a €20m project to expand the capacity of its existing manufacturing site in Nules, Spain.
The plant started production last month and doubled the plant’s capacity to meet the demand for recyclable paper-based packaging.