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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news