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CORRECTION: Huhtamaki completes the acquisition of Elif, a major supplier of sustainable flexible packaging to global brand owners



CORRECTION: Huhtamaki completes the acquisition of Elif, a major supplier of sustainable flexible packaging to global brand owners

In Huhtamäki Oyj’s press release concerning the closure of the acquisition of Elif published on September 23, 2021 at 17:30 EET, the cash free debt free purchase price was incorrect.

The incorrect sentence was: The cash free debt free purchase price was EUR 360 million (USD 422 million).

The correct sentence is: The cash free debt free purchase price was EUR 412 million (USD 483 million).

Below the corrected release in full:

Further to the full approval of the Turkish competition authority Huhtamaki has completed the acquisition of Elif Holding A.Ş. (Elif), a major supplier of sustainable flexible packaging to global FMCG brand owners, with operations in Turkey and in Egypt. With this acquisition, Huhtamaki reinforces its position as a leading flexible packaging company in emerging markets and strengthens its existing flexible packaging business in attractive consumer product categories.

The net sales of the acquired business were approximately EUR 163 million (USD 195 million) in 2020. Elif employs approximately 1,500 people in its two manufacturing locations in Istanbul, Turkey and Cairo, Egypt. The cash free debt free purchase price was EUR 412 million (USD 483 million). The acquired business will be reported as part of Huhtamaki´s Flexible Packaging business segment as of September 23, 2021.

For further information, please contact:
Media: Katariina Hietaranta, Head of Media Relations, tel. +358 10 686 7863
Investors: Calle Loikkanen, Head of IR and Financial Communications, tel. +358 10 686 7125

Global Communications

About Huhtamaki
Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world, enabling wellbeing and convenience. Our innovative products protect on-the-go and on-the-shelf food and beverages, ensuring hygiene and safety, and help prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030.

We are a participant in the UN Global Compact and as of 2020, we received an MSCI ESG Rating of A, on a scale of AAA ─ CCC. To play our part in managing climate change, we have committed to set science-based targets through the Science Based Targets initiative. Huhtamaki has been awarded the Gold medal by EcoVadis for performance in sustainability.

With 100 years of history and a strong Nordic heritage we operate in 36 countries and 82 sites around the world. Our values Care Dare Deliver guide our decisions and help our team of 18,200 employees make a difference where it matters. Our 2020 net sales totaled EUR 3.3 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet on

About Elif
Elif is a global benchmark flexible packaging company. In its two world-class plants with state-of-the-art machinery in Istanbul and Cairo, approximately 1,500 employees produce flexible packaging that is used in more than 200 production sites in over 50 countries.

Elif has a turnover of USD 195m and an export ratio of 62 percent in 2020. Elif enables customers to reach their sustainability goals by using more recycled content, bio-based materials, bio-degradable green PE, and fully recyclable HyPEr/PE laminate structures. Elif’s goal, to be achieved by 2025, is to develop packaging that is 100 percent recyclable, reusable, or compostable. Elif is a member of various initiatives and associations that advocate sustainable solutions and a circular economy, including Save Food, CEFLEX, UNGC, and UNICEF.

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