Huhtamaki’s subsidiary in India has recently consolidated five manufacturing sites into larger local units.
Following the reorganization, the company has sold its real estate in Thane, India, from where a manufacturing facility and offices have been transferred.
The real estate was sold to Phoenix Group, a large real estate developer, for EUR 47 million. Huhtamaki will book a gain of approximately EUR 44 million in the fourth quarter of 2023 and it will be treated as an item affecting comparability.
Huhtamaki is a leading global provider of sustainable packaging solutions for consumers around the world.