ESPOO, FINLAND (March 22, 3:50 p.m. ET) — Packaging firm Huhtamaki Oyj will acquire Josco Holdings Ltd., a disposable packaging manufacturer based in Hong Kong, for 67 million euros ($88.3 million).
The debt-free transaction is scheduled to clear next month.
The acquisition will allow Huhtamäki to strengthen its operations in Asian and worldwide markets, according to a news release.
Josco is a privately owned company that employs about 1,350 at two manufacturing plants and two distribution centers in China and a sales office in Hong Kong. It posted 2011 sales of about 70 million euros ($92.2 million), according to the release.
With the acquisition, Huhtamäki will have 12 manufacturing units, including seven flexible packaging plants, in Asia, and approximately 4,400 employees.
The company projects that 15 percent of its 2012 net sales will come from Asia.
Based in Espoo, Finland, Huhtamaki has approximately 12,700 employees and 59 plants in 31 countries. Its 2011 sales totaled 2 billion euros ($2.63 million).