Finland-headquartered food packaging company Huhtamäki Oyj will acquire Czech Republic-based Fiomo AS, a manufacturer of flexible packaging labels and foils.
The acquisition will allow Huhtamäki to provide off-set printing capabilities for smaller production runs for its customers in Europe, it says. The unit will become part of Huhtamaki's Flexible Packaging business segment.
Espoo, Finland-based Huhtamäki said in a Dec. 23 news release said it is paying 28 million euros ($30.4 million) for the debt-free purchase.
Olli Koponen, executive vice president of Flexible Packaging for Huhtamäki, said: "European flexible packaging market is experiencing a positive momentum, with increasing versatility in customers' needs. Fiomo's manufacturing capabilities complement our offering and ensure better resourcing and faster response when serving our customers across Europe."
2014 saw sales of 21 million euros ($22.7 million) and employs around 120 people in its manufacturing unit in Prague.