Danish packaging supplier Brødrene Hartmann entered into a binding agreement to acquire South American Sanovo Greenpack for DKK300m (approx. €40m).
Sanovo Greenpack is South America's leading producer of moulded-fibre egg and fruit packaging with around 600 employees and four facilities in Brazil and Argentina. In 2014, Sanovo Greenpack is expected to generate sales revenues of around DKK400m (approx. €54m).
With this acquisition, Hartmann is entering the attractive growth market in South America. Hartmann is one of the three largest producers of moulded-fibre egg packaging and one of the world's largest producers of machinery for producing moulded-fibre packaging. The company has about 1,500 employees and four manufacturing facilities in Europe, one in Israel and one in Canada.