Huhtamaki to buy Jiangsu Hihio-Art Packaging assets

Huhtamaki has agreed to buy assets of China-based Jiangsu Hihio-Art Packaging in a €27 million debt-free transaction.

Jiangsu Hihio-Art manufactures paper bags, wraps and folding carton packaging for international quick-service restaurants and national bakery chains.

The acquisition will allow Huhtamaki to increase its product portfolio in China and build its position as a foodservice packaging provider in Asia. The deal is expected to be completed by the end 3Q 2021, subject to customary closing conditions.