International Paper Completes the Sale of Its Foodservice Business in China to Huhtamaki
Sept. 7, 2017 - International Paper today announced that it has completed the sale of its foodservice business in China to Huhtamaki Group. The deal includes two manufacturing units located in Shanghai and Tianjin, employing altogether approximately 200 employees.
Huhtamaki said the acquisition expands its manufacturing footprint into the Eastern China region and strengthens its capacity and capability to serve customers operating in Northern China. Net sales of the acquired business in 2016 was approximately EUR 19 million.
The debt-free purchase price was EUR 15 million, Huhtamaki added.
The business will be consolidated into Huhtamaki's Foodservice Europe-Asia-Oceania business segment as of September 1, 2017.
International Paper is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. To learn more, please visit: internationalpaper.com.
SOURCE: International Paper
» International Paper Signs Agreement to Sell Foodservice Business in China - June 29, 2017