Huhtam ki Oyj's Indian subsidiary, Paper Products has acquired 51% of the shares in Webtech Labels Private, which manufactures pressure sensitive labels to pharmaceutical customers, for about €7m.
According to the Finland-based Huhtam ki, annual net sales of the Webtech Labels based in India are about €10m and the acquisition complements the existing product portfolio of the flexible packaging segment.
Huhtam ki CEO Jukka Moisio commenting on the acquisition said, "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."
Huhtamaki Group, which manufactures consumer and specialty packaging, reported net sales totaling €2bn in 2011. The company serves foodservice and consumer goods markets and Huhtam ki Oyj is its parent company.
