Huhtamäki Oyj's subsidiary has entered into an agreement to acquire FIOMO, a.s., a privately owned manufacturer of flexible packaging foils and labels in the Czech Republic. With the acquisition Huhtamaki expands its flexible packaging manufacturing footprint to Eastern Europe and is able to offer agile high quality off-set printing capabilities for smaller production runs for its customers in Europe.
"I am pleased to announce this addition in our flexible packaging manufacturing network," says Olli Koponen, Executive Vice President, Flexible Packaging. "European flexible packaging market is experiencing a positive momentum, with increasing versatility in customers' needs. FIOMO's manufacturing capabilities complement our offering and ensure better resourcing and faster response when serving our customers across Europe."
The annual net sales of the acquired business in 2014 were approximately EUR 21 million and it employs approximately 120 people in its manufacturing unit in the Prague area. The debt-free purchase price is approximately EUR 28 million. The unit will become part of Huhtamaki's Flexible Packaging business segment.
The transaction is expected to be finalized in early 2016.