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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news