Huhtamaki vacates and sells a facility in China

Monday, April 24, 2017 11:15 am

Huhtamaki vacates and sells a facility in China | Huhtamaki, divestment, China, Finland,

Huhtamaki has agreed to sell one of its manufacturing facilities and the related land usage rights in Guangzhou, China, to Guangzhou Yashao Investment Co. Ltd.

The sale is part of the ongoing consolidation of Huhtamaki's foodservice packaging manufacturing operations in South China.

The transfer of manufacturing activities into one efficient, modernized unit is expected to be completed and the sold facility vacated during the third quarter of 2017.

The selling price is approx. EUR 14 million and the sale is expected to be finalized during the second quarter of 2017.

As a result of the sale, a gain of approx. EUR 6 million will be booked as an item affecting comparability (IAC) in the second quarter of 2017 in the Foodservice Europe-Asia-Oceania business segment.