Huhtamaki Completes Acquisition of Majority of Business of Everest Flexibles

Huhtamaki has completed the acquisition of the majority of the business of Everest Flexi-bles (Pty) Limited, a privately-owned flexible packaging manufacturer in South Africa. The annual net sales of the acquired business are approximately €40 million and it employs altogether approximately 460 people.

The business was acquired for an enterprise value of €58 million. The deal was paid part-ly in cash and partly in shares, as the sellers of Everest entered into a joint venture also with Huhtamaki’s Flexible Packaging, Foodservice and Fiber Packaging operations in South Africa. As a result, the sellers of Everest now own 30% of all Huhtamaki’s activities in South Africa.

The business will be reported as part of the Flexible Packaging business segment as of Dec. 1, 2019.