Huhtamaki Oyj has agreed to acquire full ownership of its joint venture company Laminor SA in Brazil for 30 million euros ($33.5 million), the Espoo, Finland-based company announced Dec. 23.
Set up in 2002 as a 50/50 joint venture with Bemis Co. — now part of Amcor — Laminor is specialized in tube laminates, particularly for oral care applications.
The acquisition, said Huhtamaki, will enable the company to expand its tube laminate business, which has been described as an important part of its flexible packaging offering.
Based in Parnamirim on the eastern coasts of Brazil, Laminor has 130 employees and generated net sales of 25 million euros ($28 million) in 2018.
Following the acquisition, Laminor will be consolidated as a subsidiary in the Finnish group’s financial reporting and reported as part of its Flexible Packaging business segment.
The transaction is subject to the approval of the competition authorities in Brazil and it is expected to close in the first quarter of 2020.
Huhtamaki to acquire full ownership of Brazilian JV
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