The acquisition enables Huhtamaki to expand its tube-laminate business, an important part of the group’s flexible packaging offerings. Laminor has approximately 130 employees and its net sales in 2018 were approximately $23 million. Following the acquisition Laminor will be consolidated as a subsidiary in the Group’s financial reporting and reported as part of the Flexible Packaging business segment. The additional shares were acquired at a price of about $26 million.
The transaction is subject to the approval of competition authorities in Brazil and is expected to close in Q1 2020.