FINNISH HUHTAMAKI ACQUIRES ELIF HOLDING FOR EUR 412M

BY KERIM ULKER

The Finland-based food packaging company Huhtamaki has signed a share transfer agreement to acquire the packaging company Elif Holding for a cash free-debt free purchase price of EUR 412m (some TRY 4.1bn) in line with its 2030 growth strategy, according to a statement from the company. “Our 2030 growth strategy is particularly focused on sustainability and competitiveness, which Elif strongly supports,” said Charles Heaulme, President and CEO of Huhtamaki. Huhtamaki which employs 18,200 people and operates at 82 production plants in 36 countries, is one of the most sustainable packaging companies, with EUR 3.3bn turnover in 2020. “Under new ownership, we will continue to deliver sustainable solutions to our customer base globally, enhance our focus on fast-growing emerging markets, realize synergies through scale and expand our capabilities,” said Selcuk Yarangumelioglu, CEO of Elif. pandemic and delivered to the world after we met domestic needs,” said Kumrulu. Polifarma currently exports to the South America, Europe, Africa, the Middle East and Far Eastern countries. The company aims to become the country’s largest pharmaceutical exporter.

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