Irish-owned global packaging solutions company Zeus has announced a deal to buy Limerick Packaging, a supplier to the industrial and transit packaging market.
Zeus said the acquisition marks an ongoing investment strategy to expand its capabilities in the corrugated packaging sector across the country.
Founded in 2002 by Connie Ryan and Mike Boland, Limerick Packaging has an annual turnover of €17.4m.
The business focuses on providing corrugated packaging solutions to the health and food processing sectors.
Established by Brian O'Sullivan in 1998, Zeus has an annualised turnover of €325m and employs 670 people worldwide.
The addition of Limerick Packaging's 45 staff will bring Zeus's workforce on the island of Ireland to 221.
The sale is subject to the approval of the Competition and Consumer Protection Commission.
Earlier this year, Zeus completed a €40m two-year programme of strategic acquisitions with the purchase of Austrian firm Petruzalek, which expanded its distribution and logistics capabilities in food and industrial packaging across 26 countries world-wide.
Zeus chief executive Keith Ockenden said today's deal for Limerick Packaging is a major step in the next phase of the company's growth plan.
"Integrating both Limerick Packaging's and Zeus's industrial and transit packaging reach in Ireland, coupled with our foothold in the UK market, will deliver economies of scale, operational efficiencies, and customer service improvements," Keith Ockenden said.
"It will also allow us to provide a more comprehensive range of products and services for our combined customers," he said.
"Zeus has sourcing capabilities across Europe and this move will realise greater supply chain security to our business within Ireland. The additional operations in Limerick will bring our total storage and distribution capacity to over 600,000sq ft throughout the country," he added.
The Zeus CEO said that growth in the home delivery sector is seeing demand for packaging increase by over 20%.
