Irish-owned global packaging company Zeus has acquired Limerick Packaging in an effort to expand its corrugated packaging capabilities.

Limerick Packaging specialises in providing corrugated packaging solutions for the health and food processing sectors.

The company is based in Limerick, Ireland, and has an annual turnover of €17.4m ($20.2m).

The acquisition is in line with Zeus’ plan to invest in its industrial and transit packaging portfolio and strengthen its current infrastructure.

Zeus will also invest in staff, design and technical capabilities and expand its range of products and services.

Zeus CEO Keith Ockenden said: “The acquisition of Limerick Packaging is a major step in the next phase of our 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.

“It will also allow us to provide a more comprehensive range of products and services for our combined customers.”

Limerick Packaging managing director Connie Ryan said: “Zeus is a company that we have admired since we first started our business almost 20 years ago and we are excited with the opportunity to become part of the Zeus family.

“Our team are specialists in their field and are looking forward to sharing their insights and experience with the Zeus team.

“We are all incredibly excited for the new opportunities and capabilities that being part of this global company will offer, ultimately to the benefit of our valued customers.”

Limerick Packaging’s 45-member team will take Zeus’ total workforce in Ireland to 221.

For the deal, Sean O’Keeffe, Ulster Bank and OFX Solicitors helped Zeus in funding, tax and legal advice, as well as financial due diligence.

Zeus employs 670 people worldwide and has an annual turnover of €325m ($377.1m).

Earlier this year, the company acquired Austria-based food packaging company Petruzalek, marking the end of a €40m ($46.4m) two-year strategic acquisition programme.