"We are pleased to be able to reunite the Italian business unit with the rest of the European operations. We now will have the support of more than 1,000 employees who will assist us in providing protective packaging solutions to the United Kingdom and across the entire European continent," said Sergio Folli, managing director of Airpack.

The acquisition includes Pregis operations in the UK, Belgium, Germany, Romania, Poland, Czech Republic and Hungary. Manufacturing capabilities include foam and bubble extrusion, engineered foam and mailers.

For the North American division, Pregis' current management team, led by Kevin Baudhuin, president and CEO, will continue under Olympus ownership. The company has been owned by private equity firm AEA Investors LLC since 2005. Under its ownership, investments were made via acquisitions (Surface Guard and IntelliPack), as well as in technology development, including a variety of protective packaging systems and material launches.

In North America, Pregis operates 14 facilities producing a variety of protective packaging products and value added system solutions.