Huhtamaki has entered into an agreement to acquire the majority of Everest Flexibles (Pty) Limited (“Everest”), a privately-owned flexible packaging manufacturer in South Africa. With the acquisition. Huhtamaki will expand its flexible packaging manufacturing footprint into South Africa, thereby further strengthening its emerging market position. The product range and customer portfolio of Everest are complementary to those of Huhtamaki.
“With Everest we will be able to serve our current and new customers in South Africa and the surrounding region even better, offering them a full range of flexible packaging solutions with faster lead times,” says Olli Koponen Executive Vice President, Flexible Packaging.
“We will have two flexible packaging manufacturing units in Africa, Everest and the recently opened facility in Egypt. With these two sites we will be in an excellent position to tap into the growth opportunities of this exciting region,” he said.
The business will be acquired for an enterprise value of EUR 58 million. The consideration for 70% ownership of Everest will be paid partly in cash and partly in shares