Ireland's Zeus Packaging Acquires Austrian Food Packaging Company Petruzalek
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Irish-owned Zeus Packaging announced the signing of a binding agreement to acquire Austrian-based food packaging business Petruzalek, which is part of Sirap Group.
Financial terms of the deal were not disclosed.
Petruzalek, which became part of the Sirap Group in 2003, is a supplier of a wide range of packaging machinery and packaging materials — from foils through bags and cups to hygienic aids. The company operates in 12 countries with a turnover of around 50 million euro.
"This latest acquisition is the largest in our strategic expansion, and along with recent investments in our leadership operational infrastructure, is an integral part of Zeus's long-term growth strategy," said Keith Ockenden, CEO of Zeus. "The purchase of Petruzalek significantly extends our reach into new markets, brings complementary diversification to our product range and further enhances our client network.
"Petruzalek's product range utilises low environmental impact renewable, recyclable and compostable materials enabling us to further deepen our focus on sustainability in 2021. As always, we are committed to delivering innovative sustainable packaging solutions for our valued clients in Ireland, the UK and across Europe," Ockenden said.
Zeus Founder Brian O'Sullivan added, "In 2020, despite the pandemic, Zeus reached a milestone with revenues exceeding €200 million. With today's announcement, Zeus remains on track to become the largest independent packaging distribution business in Europe.
Closing of the transaction is expected during the second quarter 2021.
