Further to the full approval of the Turkish competition authority, Huhtamaki, global food packaging specialist, headquartered in Espoo, Finland, has completed the acquisition of Elif, a major supplier of sustainable flexible packaging to global FMCG brand owners, with operations in Turkey and Egypt. With this acquisition, Huhtamaki reinforces its position as a leading flexible packaging company in emerging markets and strengthens its existing flexible packaging business in attractive consumer product categories.
The net sales of the acquired business were approximately 163 million EUR (195 million USD) in 2020. Elif employs approximately 1,500 people in its two manufacturing locations in Istanbul, Turkey and Cairo, Egypt. The cash free debt free purchase price was 360 million EUR (422 million USD). The acquired business will be reported as part of Huhtamaki´s Flexible Packaging business segment as of 23rd September, 2021.