Financial data released Spanish packaging specialist Hinojosa Packaging Group has announced that it closed last year with a turnover of some €739 million euros. This represented a 10 percent decrease compared with 2022.
In a statement, the producer said that the drop in raw material prices was the main factor behind its weaker results in 2023.
“Hinojosa was able to transfer this cost reduction on to its customers, in contrast to the previous period when soaring inflation had hiked up raw material and energy prices,” according to the statement.
At the same time, the firm’s “international expansion was consolidated in 2023 with the acquisition of 49% of the French company ASV Packaging, which enabled Hinojosa to strengthen its presence in France and improve the service and product it was offering to European customers,” the statement said.