Irish packaging company Zeus has acquired an Italian paper company with annual revenues of €65 million.
The group announced the acquisition of Cima Paper, which was established more than 150 years ago in 1870, on Monday. It did not disclose the financial terms of the deal.
Zeus said Cima Paper has since solidified its position as one of Europe’s leading converters of paper and board for the packaging sector.
The latest addition to Zeus Group will leverage Cima Paper’s scale, expertise, and resources into existing and future supply chains, enhancing current manufacturing capability, streamlining existing Italian operations and expanding its geographical reach across Europe.
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“We are thrilled to welcome the Cima Paper to the Zeus Group family,” said Keith Ockenden, CEO of Zeus Group.
“With a long-standing tradition in the industry, Cima Paper aligns perfectly with Zeus Group’s vertically integrated strategy, optimising supply chains and delivering enhanced value across our finished products, particularly within the manufacturing, food and retail packaging sectors.
“Cima Paper operates under the FSC Chain of Custody certification, ensuring responsible and sustainable sourcing. Their unwavering commitment to quality, customer service, and family values are completely consistent with the culture of Zeus.”
Cima Paper’s product range includes a comprehensive range of papers for corrugated converters, coreboard for tubes, cores, rings, and edge protectors.
“Through this acquisition, we will harness our combined strengths and resources to deliver even greater value to our customers,” Mr Ockenden said.
“By integrating Cima Paper into Zeus Group, we are strategically positioned to offer optimised solutions, drive innovation, and ensure continuity and reliability in the supply of raw materials for paper mills.”
Giacomo and Giovanni Cima will continue to lead the operation and said they were “delighted to become part of the Zeus family”.
Earlier this month, Zeus acquired Northern Ireland business James Hamilton Group, which has an annual turnover of about €18 million.
