Finnish packaging solutions provider Huhtamaki Oyj said it has completed the acquisition of Elif Holding for EUR 412m (USD 482.7m) after obtaining permission from the Turkish competition authority.
With this purchase, which was inked in August, Huhtamaki reinforces its position as a leading flexible packaging company in emerging markets and strengthens its existing flexible packaging business in attractive consumer product categories, the buyer said in a press release.
Established in 1972, Elif specialises in sustainable flexible packaging for food, beverage, pet, home and personal care industries, with its products used in more than 200 production sites in over 50 countries. The company, which is present in Europe, the Middle East and Africa, operates two plants in Istanbul and Cairo and employs more than 1,500 people.
