Huhtamaki has entered into an agreement to acquire the Indian business and related assets of Ajanta Packaging, a privately owned manufacturer of pressure-sensitive labels.
The acquisition will further strengthen Huhtamaki’s labeling business in India by adding new printing technologies into its offering, as well as improving its innovation capability. The acquisition is complementary to Huhtamaki’s existing labeling product portfolio.
The annual net sales of Ajanta Packaging are approximately €10 million (US$12.4 million). It employs altogether 170 people and has two state-of-the-art manufacturing facilities located in Daman, West India and Baddi, North India.
The debt free purchase price is approximately €13 million (US$16 million). The transaction is expected to close at the end of April. The business will become part of Huhtamaki’s business.