For Huhtamaki, 2014 was a year of change. We sharpened our strategy and focused our business on food packaging, where we already are among the leading companies in the world, and where we want to be successful in years to come. In July, we announced the acquisition of Positive Packaging, a flexible packaging manufacturer having operations in India, the United Arab Emirates and Africa. After closing the acquisition at the end of January, we're now enthusiastic to start integrating the business into our Flexible Packaging segment. Due to our focus on food packaging, we decided in the summer to look for future options for our Films segment and announced the sale of the segment in November. The transaction was closed on the last day of 2014 and therefore the business is now reported as discontinued operations. Related to the sale, we have also booked a gain of approximately EUR 5 million for the fourth quarter. These two sizable transactions, the acquisition of Positive Packaging and the sale of Films, increased significantly our focus on food packaging and also the share of fast-growing emerging markets in our portfolio. Now a majority of our employees and manufacturing plants are at the emerging markets, as well as close to 40% of our net sales.
Graphic Packaging Holding Company (NYSE: GPK), today announced that its wholly owned subsidiary, Graphic Packaging International, LLC, has agreed to acquire substantially all the assets of PFP, LLC and its related entity PFP Dallas Converting, LLC.
PFP is an independent converter focused on the production of paperboard-based air filter frames, and operates two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas.
The business converted approximately 18 thousand tons of paperboard, primarily CUK, and generated strong EBITDA margins on an LTM basis. Synergies from the acquisition will be driven by the integration of additional CUK paperboard tons and cost efficiencies.
“The PFP acquisition extends our leading position in the growing paperboard-based air filter frame market, which we established with the acquisition of Carton Craft in July 2017,” said President and CEO Michael Doss. “The transaction is consistent with our strategy to pursue acquisitions that allow us to increase our mill to converting plant integration levels into growing markets at compelling post-synergy EV/EBITDA multiples.”