Irish packaging firm Zeus has expanded its operations with the acquisition of Italian company Cima Paper. With a history dating back to 1870, Cima Paper is a prominent converter of paper and board for the packaging sector in Europe, generating annual revenues of €65m. Zeus plans to leverage the acquisition to streamline its existing Italian operations and broaden Cima's market reach across Europe.
The financial terms of the deal have not been disclosed. This acquisition follows Zeus' recent purchase of the James Hamilton Group in Northern Ireland, which has an annual turnover of approximately €18m.
Keith Ockenden, CEO of Zeus Group, expressed enthusiasm for the acquisition, highlighting the alignment of Cima Paper with Zeus' strategy of optimizing supply chains and delivering enhanced value to customers, particularly in the manufacturing, food, and retail packaging sectors.
Ockenden also emphasized the importance of sustainable solutions and Cima Paper's commitment to responsible and sustainable sourcing through FSC Chain of Custody certification. The integration of Cima Paper into Zeus Group is expected to provide combined strengths and resources, enabling the delivery of greater value and continuity in the supply of raw materials for paper mills.
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