Huhtamaki has acquired Zellwin Farms, a privately-owned business located in Zellwood, Florida in the United States. The USD 18 million enterprise value transaction will support Huhtamaki’s growth within the molded fiber industry, specifically for egg cartons and egg flats.
Zellwin Farms has been serving egg producing customers throughout the Southeastern US from a single site for more than 20 years. The annual net sales of the acquired business is approximately USD 20 million. The transaction will benefit Huhtamaki with additional capacity and capabilities in molded fiber packaging.
“This acquisition is attractive for us as legislation in North America continues to shift packaging choices in the egg industry toward more renewable and recyclable options, such as molded fiber. This acquisition will support our aspiration to be a leader in this category, deliver installed capacity to strengthen our manufacturing footprint, and help grow our excellent customer relationships”, says Ann O’Hara, President, North America.
”We have a clear focus on accelerating profitable growth through all levers. Inorganic growth is an important tool for us, and we aim to do it in a disciplined manner in markets and geographies in which we are confident that we can create shareholder value. This margin-enhancing acquisition fits our criteria perfectly and is EPS accretive from year 1”, says Ralf K. Wunderlich, President & CEO of Huhtamaki.
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.
Huhtamaki has over 100 years of history and a strong Nordic heritage. Our around 18 000 professionals are operating in 36 countries and 102 locations around the world. Our values are Care Dare Deliver.
About Zellwin Farms Company: Zellwin Farms Company is a molded fiber packaging company specializing in the manufacturing of egg packaging from local reclaimed papers. Family owned and operated, Zellwin Farms was a Pioneer in the farming industry for over 50 years.
Now, utilizing those same pioneering skills, Zellwin Farms Company has become an integral part of the molded fiber packaging business to deliver superior egg carton products. Our team is passionate about supporting the success of egg producers and ensuring the safety and integrity of their products.
