Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Huhtamaki buys carton maker Interpac Packaging for 7M euros

Huhtamaki buys carton manufacturer Interpac Packaging for 7 mln euros

By Paul McBeth

Sept. 2 (BusinessDesk) - Huhtamaki Oyj, the Finnish packaging manufacturer, bought Auckland-based folding carton maker Interpac Packaging for 7 million euros to expand its product range.

Interpac manufactures folded carton packaging for consumer goods and retail products, and the foodservice industry, and manufacturers corrugated packaging for the local wine industry with annual sales of some 11 million euros, the Espoo, Finland-based company said in a statement. The New Zealand company was largely owned by interests associated with Bill Berry, and transferred ownership to Huhtamaki (NZ) Holdings on Aug. 29, according to Companies Office documents.

"With the acquisition Huhtamaki continues to implement its strategy of quality of growth and to expand its product offering," it said in a statement.

In 2012, Huhtamaki shut its loss-making flexible packaging plant in New Lynn, laying off 135 staff, and leaving its local operations consisting of its food service business in Henderson and the moulded fibre unit in Otahuhu, collectively employing 320 people.

Huhtamaki (NZ) Holdings, the multinational's holding company for the Henderson plant, reported a 43 percent slump in net profit to $1.75 million in calendar 2013, on 2.3 percent decline in sales to $55.3 million, according to statements filed to the Companies Office in June. Of that, some $5.9 million of sales were to related parties, and the local unit showed $1.5 million of purchases from other Huhtamaki units.

Sister company Huhtamaki New Zealand Ltd, which held the New Lynn business, returned to profit in 2013 with earnings of $3.22 million, including a $2.05 million tax benefit, compared to a loss of $6.24 million in 2012. Revenue fell 11 percent to $26.3 million. Of that, some $5.4 million in sales were to related parties, with purchases of $2.9 million. The unit provided $70,000 for employee restructuring benefits from the New Lynn closure.

The Finnish group lifted net profit 24 percent to 67.5 million euros in the six months ended June 30, on largely flat sales of 1.19 billion euros. Of that, the Foodservice Europe-Asia-Oceania unit contributed sales of 304.7 million euros.

Huhtamaki said its New Zealand unit benefited from a strong apple season in the second quarter, which "had a positive impact on the demand for molded fibre fruit packaging."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news