Wednesday, April 1, 2020 2:15 pm
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BRAZIL (News release) -- Huhtamaki has completed the acquisition of full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.
The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group's flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. The additional shares were acquired at a price of approximately EUR 30 million.
The business will be consolidated as a subsidiary in the Group's financial reporting and it will be reported as part of the Flexible Packaging business segment as of April 1, 2020.
As a result of the transaction, a gain from the difference between remeasured interest according to the purchase price and previously held equity interest of approximately EUR 20 million is recognized in the income statement as item affecting comparability in the Q1/2020 financial results.
The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group's flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. The additional shares were acquired at a price of approximately EUR 30 million.
The business will be consolidated as a subsidiary in the Group's financial reporting and it will be reported as part of the Flexible Packaging business segment as of April 1, 2020.
As a result of the transaction, a gain from the difference between remeasured interest according to the purchase price and previously held equity interest of approximately EUR 20 million is recognized in the income statement as item affecting comparability in the Q1/2020 financial results.