Prisma Pack's net sales in 2010 were approximately €40 million. The company has a strong track record of sales growth since its beginning in 2003. The company employs approximately 200. Huhtamaki's Brazilian subsidiary will acquire all of Prisma Pack for a debt-free purchase price of €20 million.
"We are very excited about this acquisition," says Jukka Moisio, CEO of Huhtamäki Oyj. "The strategic fit is perfect. With Prisma Pack we gain a strong position in hygienic films in the fast growing Brazilian market and improve our ability to serve our global customers in South America." Huhtamaki last year sold most of its rigid packaging assets as the company decided to fous on flxible packaging.
"Our target is to reach a leading position globally in films for hygiene applications," says Peter Wahsner, executive vice president films. "The Prisma Pack acquisition complements our manufacturing footprint, as we are just starting operations at our brand new plant in Thailand. With manufacturing sites in Asia, Europe, North America and South America, we are now able to serve our global key customers from a local supply position throughout the world."
The acquisition is expected to be completed by the end of August 2011.
Huhtamaki Group (Espoo, Finland) had 2010 net sales totaling €2 billion.