Huhtamaki Oyj, the Finland-based packaging company, will acquire Positive Packaging for a debt-free purchase price of Rs 2,009 crores in a bid to strengthen its position in the fast-growing emerging markets.
Positive Packaging is part of the Enpee group of companies, promoted by N P Kirpalani, a non-resident Indian based in Nigeria. It has nine manufacturing facilities in India and the United Arab Emirates as well as significant business in Africa and other export markets.
“The acquisition further enhances our position in India and provides us with much improved access to the fast growing markets of Africa and Middle East. Many of our global customers are investing heavily to grow in these markets, and now we are even better resourced to help them grow,” saaid Jukka Moisio, Chief Executive Officer, Huhtamäki Oyj.
“Positive Packaging’s expertise in high quality printing and cylinder making, as well as their strong focus on innovations are a perfect fit for Huhtamaki’s growth strategy,” added Shashank Sinha, Executive Vice President- Flexible Packaging, Huhtamaki.
Positive Packaging has an annual manufacturing capacity of 31,800 tonnes of laminates, 55,000 units of rotogravure-printing cylinders, 9000 tonnes of metallised film, 5400 tonnes of CPP, and 12,000 units of base shells. The company has flexible-packaging plants in Khopoli (near Mumbai), electronically/laser engraved cylinder-manufacturing plants in Taloja and Bengaluru, a metallising plant in Taloja, a CPP plant in Ambernath, and base shell manufacturing facility at Bengaluru.