Axiom has agreed to acquire Canadian environmentally friendly packaging company PaperNuts for an undisclosed amount.
Following the acquisition, PaperNuts is set to become Axiom's wholly-owned subsidiary.
Axiom CEO Kranti Kotni said: "Around the world there has been a big push for increased regulations on the use of loose-fill packaging material, especially polystyrene peanuts.
"The movement towards banning these types of environmentally destructive products represents a clear business opportunity for PaperNuts as more and more governments, companies, and consumers insist on adhering to stricter green guidelines for responsible packaging."
According to experts, global recyclable packaging industry is expected to witness dramatic growth over the next several years, giving an opportunity to the PaperNuts brand to expand within the sector.
By employing the patented PaperNuts Converter machine, the firm offers a loose-fill packaging solution that can replace polystyrene foam plastic peanut fillers, bubble wrap, air pillows, crumpled paper, foam-in-place, and corn starch peanut products.
The biodegradable and fully recyclable PaperNuts products serve as a cost-effective green alternative to competitive fillers that are made from 100% recycled paper.
Upon completion of the acquisition, Axiom will change its name to PaperNuts Limited to better represent the brand.