HUHTAMÄKI OYJ PRESS RELEASE 23.4.2024 AT 9:00 EEST
Huhtamaki is planning to consolidate the production footprint in the Fiber
Foodservice Europe-Asia-Oceania segment by closing its production site in Port
Klang, Malaysia, by the end of Q2 2024. Huhtamaki will continue to serve the
region by retaining distribution center in Malaysia and Thailand as well as a
sales office in Singapore. The decision affects 93 employees. Huhtamaki will
provide support for the impacted employees.
The aim of the consolidation is to optimize the manufacturing footprint, improve
the competitiveness and strengthen the foundation for future growth in the Asia
Pacific 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.
The Port Klang site planned to be closed does not represent a material share of
the sales or profits of Huhtamaki. During the first and second quarters of
2024, Huhtamaki will book closure-related costs in total of approximately EUR
13 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
(http://www.huhtamaki.com/).
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