Finnish food and drink packaging giant Huhtamaki has acquired a majority stake in Co Clare-based paper cup maker CupPrint.
Huhtamaki paid €22 million for a 70% stake in the Irish company which was founded in 2009 by Terry Fox, and produces roughly eight million cups a month and manufactures bespoke paper cups for smaller coffee shops.
The company, which employs 112 people, posts annual sales of approximately €14 million, and also it produced its 750 millionth cups last year.
In order to fight plastic waste, CupPrint developed a product that replaces plastic with a plant-based coating called PLA.
Recently, CupPrint was named as one of two companies to supply Frank and Honest’s new compostable coffee cups in SuperValu and Centra stores across Ireland. These cups are expected to be fully rolled-out by September of this year.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.