Irish-owned packaging manufacturer, Zeus Packaging, has announced the acquisition of Austrian-based food packaging solutions business, Petruzalek, which was part of Sirap-Gema Group.

The acquisition, for an undisclosed sum from Italian investment holding company, Italmobiliare, completes a three-year €40 million acquisition strategy for Zeus.

Zeus CEO Keith Ockenden said: “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.

“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.”

Zeus Founder Brian O’Sullivan said: “In 2020, despite the pandemic, Zeus reached a milestone with revenues exceeding €200 million. The acquisition of Petruzalek not only further builds on our scale but strengthens our operating platform across Europe.”