Zeus Packaging ‘seals’ €40 million acquisition deal with Petruzalek

The acquisition is expected to further bolster Zeus’ geographic presence across 12 countries in Central, Western and Eastern Europe

Zeus Packaging, Ireland’s leading packaging producer and distributor, has recently grabbed the attention of packaging industry, following its announcement of taking over Austrian food packaging solutions business- Petruzalek.

It has been claimed that the acquisition, which has been reported to be worth 40 million euros, is likely to expand the reach of Zeus across 12 countries in the Central, Eastern and Western Europe.

As per official sources, the acquisition pact would bring the number of people employed by Zeus from 450 across 14 countries to 670 across some 26 countries. It would be crucial to note that the company’s annual remuneration has grown substantially over the past three years, accounting for 208 million euros in 2020 and is poised to reach to 280 million euros by the end of 2021.

Speaking on the recent acquisition, Keith Ockenden, CEO of Zeus, cited that the deal stands to be one of the largest in its strategic expansion, and along with recent investment in its leadership operational infrastructure, it forms and innate part of Zeus’ long-term growth strategy. He added that the purchase of Petruzalek extends the firm’s reach into new markets, enhances its client network, and brings in the complementary diversification to its product range.

Keith further mentioned that Petruzalek’s diversified product portfolio makes use of low environmental impact of renewable, compostable, and recyclable materials which would enable Zeus to deepen its focus on sustainability in the coming years. Besides, the move also allows a true European supply solution for consumers seeking to consolidate supply chains and augment their cost efficiencies.

Founder of Zeus, Brian O’Sullivan stated that despite the 2020 pandemic, the company has reached a revolutionary breakthrough with revenues surpassing 200 million euros. With the announcement of acquisition, Zeus continues to remain on the track of becoming the largest independent packaging distributors in the European continent.

Source Credit: http://www.businessworld.in/article/Zeus-Acquires-Austrian-Food-Packaging-Company-For-40-million/09-02-2021-375695/