Huhtamäki acquires UK-based BCP Fluted Packaging, which specializes in corrugated packaging for foodservice, confectionery and cosmetics markets, for about €20M; BCP Fluted Packaging will be renamed Huhtamäki BCP Ltd.
November 28, 2013
– Huhtamaki has acquired BCP Fluted Packaging Ltd. in the UK. BCP Fluted Packaging Ltd. specializes in corrugated packaging for the foodservice, confectionery and cosmetics markets and is based in Blackburn, Lancashire, the UK. The company employs approximately 120 people. With the acquisition Huhtamaki continues to implement its strategy of quality growth and expands its product offering.
All shares of the privately owned BCP Fluted Packaging Ltd. were acquired for a purchase price of approximately EUR 20 million. The net sales of the acquired business during financial year 2012-2013 were approximately EUR 18 million. The acquired company will be renamed Huhtamaki BCP Ltd. and it will become part of Huhtamaki's Foodservice Europe-Asia-Oceania business segment. The acquisition is expected to be EPS accretive as of 2014.
"We are pleased to continue strengthening our position with this targeted acquisition," says Jukka Moisio, CEO of Huhtamäki Oyj.
"BCP's corrugated food-to-go products complement our existing range of foodservice products perfectly," says Eric Le Lay, Executive Vice President Foodservice Europe-Asia-Oceania. "We also look forward to serving BCP's current and future customers in the confectionery and cosmetics industries."
"I am extremely pleased to have BCP join the Huhtamaki Group," says Brian Jones, Chairman of BCP. "The Group has both the desire and the resources to grow the business further."
Huhtamaki Group is a leading manufacturer of consumer and specialty packaging with 2012 net sales totaling EUR 2.3 billion. Foodservice and consumer goods markets are served by approximately 14,200 people in 60 manufacturing units and several sales offices in 31 countries. The parent company, Huhtamäki Oyj, has its head office in Espoo, Finland and its share is quoted on NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.