Read news about Huhtamaki, enters the food service packaging market In India through acquiring 51% stakes of Val Pack Solution Pvt Ltd.
Indian Foodservice Packaging Market gets more competitive as Huhtamaki Enters
Huhtamaki Enters The Foodservice Packaging Market In India
Huhtamaki has acquired 51% of Val Pack Solutions Private Limited ("Valpack"), a privately held paper cup manufacturer based in Mumbai, India. With the acquisition Huhtamaki enters the growing food service packaging market in India, where many of its key customers already are present. "I am pleased to expand our presence to India with the acquisition of Valpack," says Eric Le Lay, Executive Vice President, Food service Europe-Asia- Oceania. "Many of our global and regional customers have plans to grow in India. With Valpack, a well established company with high manufacturing standards, we're able to serve them locally. We also look forward to growing the business further by investing in additional capacity and introducing an extended offering of food service packaging to the Indian market."
Valpack's annualized net sales are approx. EUR 4 million and it employs approx. 100 people in its manufacturing unit in the Mumbai area. The debt-free purchase price was approx. EUR 2 million. The business will become part of Huhtamaki's Food service Europe-Asia-Oceania business segment.