Huhtamaki acquires the majority of CupPrint in IrelandSource: OMX
HUHTAMÄKI OYJ PRESS RELEASE 31.5.2018 AT 18:15
Huhtamaki acquires the majority of CupPrint in Ireland
Huhtamaki has acquired the majority of Cup Print Unlimited Company, a privately-owned paper cup manufacturer based in the Republic of Ireland. With the acquisition Huhtamaki improves its access to the growing market of short run custom-printed cups and boosts its on-line commercial activity. The short run capability also allows Huhtamaki to even better support its current customers' promotional activities.
CupPrint is specialized in short run custom printed cups with quick delivery time. It has an on-line service model which allows efficient design and delivery of small volumes. CupPrint's annual net sales are approximately EUR 14 million and it employs altogether approximately 110 people in its manufacturing unit in Ireland and sales office in Germany.
The debt free purchase price for 70% ownership of CupPrint was approximately EUR 22 million. The business will be reported as part of the Foodservice Europe-Asia-Oceania business segment.
For further information, please contact:
Katariina Hietaranta, Head of Group Communications & IR, tel. +358 10 686 7863
Huhtamaki is a global specialist in packaging for food and drink. With our network of 76 manufacturing units and additional 24 sales only offices in altogether 35 countries, we're well placed to support our customers' growth wherever they operate. Mastering three distinctive packaging technologies, approximately 17,600 employees develop and make packaging that helps great products reach more people, more easily. In 2017 our net sales totaled EUR 3.0 billion. The Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Additional information is available at www.huhtamaki.com.