Josco is privately owned and is a leader in paper and plastic disposable packaging products in China and Hong Kong. The company has also significant exports to Europe, the United States and Australia. The net sales in 2011 were approximately 70 million Euros, and it employs approximately 1,350 people.The company is strategically located in China with two manufacturing units (Guangzhou and Shandong) and two distribution centers (Shanghai and Beijing). It also has sales operations in Hong Kong.Huhtamäki will acquire Josco for a debt free purchase price of 67 million Euros.With the acquisition Huhtamäki continues to implement its strategy of quality growth and significantly strengthens its position as a global provider of foodservice packaging products."I am extremely pleased to announce this acquisition," says Jukka Moisio, CEO of Huhtamäki. "It further strengthens our leading position in the fast growing Asian markets, particularly in China. Many of our global customers are investing heavily to grow in China, and now we are better resourced to help them grow."