Mumbai based Webtech labels lead by Amar Chhajed and cousin Jitesh Chhajed is yet another leading label company that has been acquired by an internationally renowned company Huhtamaki Oyj’s subsidiary in India PPL Huhtamaki. This is in line with the trend, that international label and packaging producing companies continue to consider India as their most important destination for market expansion. In my last post two weeks back titled, “Joint Ventures, Mergers, Acquisitions & International Partners, still Positive in labels“.
I mentioned, “Meanwhile constituents of the label industry are talking in hushed tones about another deal that has taken place but since the stake holders do not confirm publically, it remains gossip that goes on.” This was it! I could not disclose the names as ethically it was wrong to disclose while the formalities were in progress. It is now official.
Webtech was established by Amar Chhajed in 1998 and in just fourteen years he built the company to international standards, fit enough to be invested in by world leaders in packaging. I wrote on Amar Chajjed in August 2010 in my post titled, “AmarChhajed…we are available 24 hours!” I could forsee at that time this company rising to global levels. I reproduce below the official press release;
Huhtamäki Oyj’s subsidiary in India has acquired 51% of the shares in privately held Webtech Labels Private Limited for a debt free purchase price of approximately EUR 7 million. Webtech Labels Private Limited is specialized in manufacturing high-end pressure sensitive labels, especially to pharmaceutical customers. The annual net sales of the company are approximately EUR 10 million. The acquisition complements the Flexible Packaging segment’s existing product portfolio. “We continue to implement our growth strategy, and we are pleased to add this expertise to our offering in a fast-growing market such as India,” says Jukka Moisio, CEO of Huhtamäki Oyj.
For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Timo Salonen, CFO, tel. +358 10 686 7880
Katariina Hietaranta, Head of Group Communications and IR, tel. +358 10 686 7863HUHTAMÄKI OYJ
Group CommunicationsHuhtamaki Group is a leading manufacturer of consumer and specialty packaging with 2011 net sales totaling EUR 2 billion. Foodservice and consumer goods markets are served by approximately 14,000 people in 62 manufacturing units and several sales offices in 31 countries. The parent company, Huhtamäki Oyj, has its head office in Espoo, Finland and its share is quoted on NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.
Reported by, Harveer Sahni, Managing Director, Weldon Celloplast Limited, New Delhi