22.11.2014 11:48:05

Huhtamaki To Divest Films Business

(RTTNews) - Huhtamaki has agreed to sell its Films business segment to DBAG Fund VI, a fund advised by Deutsche Beteiligungs AG (DEUBF.PK), a German private equity company listed on the Frankfurt stock exchange. In July 2014, Huhtamaki said it had started to evaluate options relating to its Films business, as a result of its growing strategic focus on food packaging.

The annual net sales of the Films division totaled 187 million euros in 2013 and the segment had 927 employees at the end of September 2014. The debt and cash free selling price is 141 million euros. The transaction is likely to be finalized in late 2014 or early 2015. Upon completion, Huhtamaki plans to book a small capital gain and a reduction in goodwill of about 45 million euros.

"The segment's net sales have grown well in 2014 and its financial performance has improved markedly. I would like to take the opportunity to congratulate the management of the segment for a job well done. The future owner will continue to benefit from this good development. From Huhtamaki Group's point of view, this turns a new page in our story, with a further growing focus on food packaging," says Jukka Moisio, CEO.

The Films segment manufactures and sells films that are mainly used for technical applications in the label, adhesive tape, hygiene and health care industries, as well as building and construction, automotive, packaging and graphic arts industries.

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