HUHTAMAKI has announced it has acquired 70% of Irish paper cup manufacturer CupPrint for 22 million Euros.
The deal, Huhtamaki said, would give the firm access to the short run, custom printed cup market and increase choice for customers.
Philippe Ferrand, managing director of Huhtamaki Foodservice southern Europe & UK region said, “By combining the two companies’ strengths, we can serve our customers even better: CupPrint offers reduced lead times and agility, while Huhtamaki brings its global footprint and financial strength to the partnership.
“Many customers across Europe will also value the possibility to order smaller quantities of custom printed cups from a trusted provider. In addition, we are happy to introduce them to CupPrint’s 3D online design tool.”
CupPrint currently sells around half of its volumes in short runs. The firm’s portfolio includes single and double wall coffee cups and ice cream cups. Most of its customers are distributors, online printers and coffee shop chains.
Founder and CEO Terry Fox, who will remain as general manager, said, “This joint venture with Huhtamaki gives CupPrint the opportunity to accelerate its unique business model into more international markets and non-core segments.”
Huhtamaki confirmed CupPrint’s existing management will retain 30% of the ownership and continue to lead the company. CupPrint will operate under its brand name out of Ennis and keep the sales office in Germany.
