Fredericks Michael & Co. acted as the exclusive financial advisor to Huhtamäki Oyj on the strategic divestiture of its non-core rigid plastic foodservice business in Italy, Huhtamaki S.p.A. to Diesse S.r.l., a manufacturer of polystyrene packaging for the foodservice markets based in Palermo, Italy.
The divestment includes the rigid plastic manufacturing units in Settimo Torinese, Sant'Ilario d'Enza and Buccino, Italy. In 2012, Huhtamaki S.p.A. had net sales of approximately EUR 50 million and a headcount of 200 employees. The divested rigid plastic units in Italy were not part of Huhtamäki's core business in Europe. However, Huhtamäki will continue to serve the professional foodservice market in Italy from its other European units. For Diesse, the acquisition will allow the company to expand its manufacturing operations and strengthen its market presence throughout Italy.
FM&Co. advised Huhtamäki on an auction process including identifying and approaching potential buyers, preparing selling memorandum, valuation, assistance with management presentations, due diligence and structuring and negotiations in both English and Italian through closing.
About Huhtamäki Oyj
Huhtamäki is a leading manufacturer of consumer and specialty packaging with 2012 net sales totaling EUR 2.3 billion. Foodservice and consumer goods markets are served by approximately 14,100 people in 59 manufacturing units and several sales offices in 31 countries. Huhtamäki is headquartered in Espoo, Finland, and its share (HUH1V) is listed in NASDAQ OMX Helsinki Stock Exchange. For more information, please visit www.huhtamaki.com
About Diesse S.r.l.
Diesse is a privately owned manufacturer of polystyrene packaging for the foodservice markets. Diesse was founded in 2005 and is headquartered in Palermo, Italy. For more information, please visit www.diessemonouso.it
