Verolanuova, February 9th, 2021 – Sirap Group (a company fully owned by Italmobiliare S.p.A.) and Zeus Packaging (an European and international player) yesterday have signed a binding agreement in the food packaging sector.

Sirap Group is selling its assets in Austria and Central-Eastern Europe (Petruzalek Group) and Germany (Sirap GmbH). The acquisition allows Zeus Packaging to enter new markets in line with the growth path which it has consolidated over the last two decades.

Petruzalek Group entered in the Sirap Group in 2003 and today operates in 12 countries, with a turnover of around 50 million euro.

Sirap GmbH acquired in 2018 by Sirap Gema S.p.A., has achieved in 2020 a turnover of around 8.0 million euro.

The agreement follows the previous one signed in recent weeks, through which the Sirap food packaging business in Italy, Spain and Poland have become part of Faerch Group. The new Sirap group perimeter includes France and UK assets, with a consolidated turnover around 70 million euro.

Closing of the transaction – subject to usual conditions precedent – is expected to take place within the second quarter 2021.

Sirap Group is one of the most qualified producers of fresh food containers in Europe. The company was founded in Verolanuova (BS) in 1960 and is wholly owned by Italmobiliare, an Italian holding listed on the Milan stock exchange.

Zeus Packaging – founded in 1998 – is a European and international player in the packaging sector with operations in Ireland, United Kingdom, Spain, Germany, Poland, USA, Canada, Australia and New Zealand.  Following the acquisition, Zeus will have combined revenues of nearly €300m and it will make it the most geographical diverse packaging business in Europe.