HUHTAMÄKI OYJ PRESS RELEASE 31.5.2024 AT 14:30 EEST
Huhtamaki has decided to consolidate its three Flexible Packaging manufacturing sites in the United Arab Emirates, keeping one factory in Jebel Ali and expanding the one in Ras Al Khaimah. The transition will gradually take place during the second half of 2024.
The aim of the consolidation is to optimize the manufacturing footprint, improve the competitiveness and strengthen the foundation for future growth in the region. The announced change is part of Huhtamaki's program to accelerate strategy implementation published in November 2023 and expected to materially support the profitability of Huhtamaki with efficiency improvements leading to savings of approximately EUR 100 million over the next three years.?
Planned consolidation does not represent a material share of the sales or profits of Huhtamaki. During the second quarter of 2024, Huhtamaki will book consolidation-related costs in total of approximately EUR 4 million. The costs will be booked as items affecting comparability.?
For further information, please contact:?
Kristian Tammela, Vice President, Investor Relations, tel. +358 10 686 7058?
HUHTAMÄKI OYJ?
Global Communications?
About Huhtamaki?
Huhtamaki is a leading global provider of sustainable packaging solutions for consumers around the world. Our innovative products protect on-the-go and on-the-shelf food and beverages, and personal care products, ensuring hygiene and safety, driving accessibility and affordability, and helping 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. Our blueloopTM sustainable packaging solutions are world-leading and designed for circularity.?
We are a participant in the UN Global Compact, Huhtamaki is rated 'A' on the MSCI ESG Ratings assessment and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science-Based Targets initiative.?
With 100 years of history and a strong Nordic heritage we operate in 37 countries and 107 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of around 18 000 employees make a difference where it matters. Our 2023 net sales totalled EUR 4.2 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 at www.huhtamaki.com.?
