For around €2m, Huhtamaki has acquired 51 per cent of Valpack Solutions, a privately held paper cup manufacturer based in Mumbai, India.
With the acquisition, Huhtamaki has made its entry into the growing food service packaging market in India, joining many of its key customers already. Eric Le Lay, executive vice president for food service Huhtamaki Europe-Asia-Oceania, says, “I am pleased to expand our presence to India with the acquisition of Valpack.
“Many of our global and regional customers have plans to grow in India. With Valpack, a well-established company with high manufacturing standards, we’re able to serve them locally. We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of foodservice packaging to the Indian market.”
Valpack has annual net sales of €4m and it employs around 100 people in its manufacturing unit in Mumbai. The business will become part of Huhtamaki’s Food Service Europe-Asia-Oceania business segment.