Huhtamaki, a Finnish packaging company, reported increases in both sales and profits in 1H 2022, said the company.
In 1H 2022, the company's sales increased by 31% to about EUR 2.2 bn while its profitability increased by 28% to around EUR 200 M. The flexible packaging segment's sales have increased by 43% to EUR 768 M. In North America, sales increased by 28% to EUR 712 M, while its food service business sin Europe, Asia and Oceania's (EAO) sales increased by 23% to EUR 543 M.
EAO's profit dropped by 6% while the flexible packaging segment's profit dropped by nearly 3%. North American profit has declined by 0.6%.
We remind, Huhtamaki and Stora Enso, both based in Finland but with global operations, say they have joined forces to launch a paper cup recycling initiative called The Cup Collective. The EU has set recycling target for paper and board packaging of 85 percent by 2030, say the two companies. Stora Enso is a paper and board producer that recently purchased a containerboard mill in the Netherlands. Huhtamaki makes packaging products with molded pulp and other materials, some with recovered paper content.
We remind, Huhtamaki has decided to initiate the process to divest its operations in Russia. This follows an earlier decision to stop all investments in Russia at the outbreak of the invasion of Ukraine. Huhtamaki considers that the current evolution of the situation and the long-term outlook in Russia will prevent the realization of its growth strategy and long-term ambitions in the country. Huhtamaki will continue to prioritize investments that capture the significant growth opportunities in the rest of the world, in line with its global ambitions and 2030 Strategy.
mrchub.com