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

 

Tubes: Tasman Global Access Cable Goes Live

Spark, Vodafone and Telstra have today announced the Tasman Global Access (TGA) cable is officially in service and ready to carry vast quantities of Internet traffic between New Zealand and the world. More>>

ALSO:

Theresa Does: Brexit Letter Sees NZD Touch Week-High Vs GBP On Brexit

The New Zealand dollar rose to a week-high against the British pound and euro after UK Prime Minister Theresa May officially triggered Britain's exit from the European Union. More>>

ALSO:

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news