Huhtamaki has agreed to acquire the assets and operations of Mohan Mutha Polytech (MMPPL), a privately-owned flexible packaging manufacturer located in Sri City, Andhra Pradesh, India. According to the press release, the acquisition will allow Huhtamaki to speed up its growth in India by improving its capability to serve customers in South India.
MMPPL has approximately 160 employees and its net sale in 2018 was approximately EUR 9 million (approximately Rs 70 crore). The business will be consolidated into the group’s flexible packaging business in India. The debt-free purchase price is approximately EUR 10 million (approximately Rs 77 crore). The transaction is expected to be closed by the end of 2019.
Huhtamaki is a global specialist in packaging for food and drink. With a network of 79 manufacturing plants and an additional 24 sales only offices in altogether 35 countries. The company claims to be well placed to support its customers’ growth wherever they operate. Approximately 18,100 employees develop and make packaging that helps products reach more people and more easily. In 2018, Huhtamaki stated its net sales of EUR 3.1 billion (approximately Rs 24, 000 crore).