Visy had acquired Zenexus, a privately owned supplier and distributor of moving and storage boxes, major brand hardware and retail products. It is one of the largest suppliers to Bunnings (Australia and New Zealand) and the deal will mean additional annual revenues of $170 million for Visy.

Visy Executive Chairman Anthony Pratt said: "The purchase will allow Visy to join our sister company Pratt Industries in the US with a dedicated, retail-facing business unit called Visy Retail Services."

Zenexus' 160 employees can all transition to roles in Visy Retail Services.

Visy is a leading, privately owned packaging and resource recovery company, with more than 120 sites across Australia, New Zealand and Thailand and trading offices across Asia, Europe and the USA.