Finnish food and drink packaging specialist Huhtamaki Oyj has acquired a majority stake in Tailored Packaging, an Australian food service packaging distribution and wholesale group.
In an April 30 statement, the Espoo, Finland-based group said it acquired the ownership of 65 percent of Tailored Packaging shares for the 35 million euros (US$41.9 million).
As the majority shareholder, Huhtamaki will consolidate the joint venture company as a subsidiary in the group's financial reporting.
According to the group, the acquisition will give access to a network of distribution centers across Australia, increasing the group's agility in the region.
Founded in Sydney in 2001, Tailored Packaging has sales offices and distribution centers in all Australian states.
With 130 employees, the company is “one of the largest importers and distributors of food service packaging in Australia,” Huhtamaki added.
In a separate development, Huhtamaki also announced the sale of its confectionary trademark portfolio to Highlander Partners, a U.S. based investment firm.
The $16 million trademark portfolio was related to Huhtamaki's confectionary business, which it divested in 1996.