Finnish packaging company Huhtamaki is set to divide its Fiber Foodservice Europe-Asia-Oceania business segment into two distinct units: Fiber Packaging and Foodservice Europe-Asia-Oceania.
The move is expected to be completed by 1 April 2025, at the latest.
The two business segments were initially integrated in 2020 but have continued to be reported separately in external communications.
The company has stated that the separation will not affect this external reporting.
The integration of the businesses in 2020 was aimed at achieving synergies and fostering growth by capitalising on market opportunities.
According to the company, these objectives have been met, laying the groundwork for further expansion.
Each of the new segments will be led by its own president, both of whom will serve on Huhtamaki’s global executive team.
Sara Engber has been appointed as the president of Fiber Packaging while Fredrik Davidsson will maintain his role as the president of Foodservice Europe-Asia-Oceania.
The company has noted that the separation of the business segments is contingent upon completing any necessary statutory consultation requirements.
Huhtamaki president and CEO Ralf Wunderlich said: “We are separating our Fiber Foodservice business into two distinct business segments to empower our teams to serve our customers more efficiently.
“This strategic move positions us for profitable growth by giving accountability to the businesses and increasing speed of execution in a changing business landscape. It will support our goal of being the first choice in sustainable packaging.
“By focusing again on their own areas of expertise, both segments can drive innovation more effectively. The segments will continue to work in close collaboration on development areas, including the important smooth moulded fibre technology.”
In January this year, Huhtamaki appointed Wunderlich as its new president and CEO.
