As per an official press release, Huhtamaki Oyj's subsidiary in India has acquired 51% of the shares in privately held Webtech Labels for a debt-free purchase price of approximately EUR 7 million. Webtech Labels is specialised in manufacturing high-end pressure sensitive labels, especially to pharmaceutical customers. The annual net sales of the company are approximately EUR 10 million. The acquisition complements the flexible packaging segment's existing product portfolio. "We continue to implement our growth strategy, and we are pleased to add this expertise to our offering in a fast-growing market such as India," says Jukka Moisio, CEO of Huhtamaki Oyj. Huhtamaki Group is a leading manufacturer of consumer and specialty packaging. Its food service and consumer goods markets are served by approximately 14,000 people in 62 manufacturing units and several sales offices in 31 countries. The parent company, Huhtamaki Oyj, has its head office in Espoo, Finland. This is the second alliance for Huhtamaki. Since 1999, it has had an alliance with Paper Products Limited (PPL) which is India's leading manufacturer of primary consumer packaging. Huhtamaki holds about 60.77% of the equity capital. PPL is a pioneer and technology and market leader in flexible packaging in India, with manufacturing facilities at Thane in Maharashtra, Silvassa, Hyderabad in Andhra Pradesh, and Rudrapur in Uttarakhand.
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