Finland-based consumer and specialty packaging manufacturer Huhtamaki has completed the sale of its film unit to DBAG Fund VI, a fund advised by Deutsche Beteiligungs for around €141m.
With the sale of the unit, Huhtamaki will be able to focus better on food packaging, the company said in a statement.
Packaging Europe reported that the sale has been approved by the German Federal Cartel Office.
The company had first announced its decision of divesting its film segment in November 2014.
Huhtamaki CEO Jukka Moisio had said: "We are very pleased to announce the divestment of our Films segment. We feel that DBAG is a good and committed owner for the Films business and has good resources for growing and developing the business further in the future.
"The segment's net sales have grown well in 2014 and its financial performance has improved markedly. I would like to take the opportunity to congratulate the management of the segment for a job well done. The future owner will continue to benefit from this good development. From Huhtamaki Group's point of view, this turns a new page in our story, with a further growing focus on food packaging."
Huhtamaki's film segment manufactures and sells films primarily used for technical applications in the label, adhesive tape, hygiene and health care industries and building and construction, automotive, packaging and graphic arts industries.
The segment serves global markets from manufacturing units in Europe, Asia, North America and South America.
The unit that employs close to 927 people had recorded annual net sales of approximately €187m in 2013.
