US-based diversified holding company Ault Alliance’s wholly owned subsidiary, Eco Pack Technologies Inc, has entered into an agreement to acquire an 80% ownership stake in Eco Pack Technologies LTD (Eco Pack).

The companies have not disclosed the financial details and other terms of this transaction.

The completion of this deal is now subject to the fulfilment of certain customary closing conditions and the companies’ obtaining the required regulatory approval.

Ault Alliance executive chair Milton 'Todd' Ault Jr said: “Incorporating Eco Pack into our portfolio is a strategic move given our belief that Eco Pack’s cutting-edge solutions address the pressing need for greener consumer goods production.

“Our principal goal is to rapidly promote its growth across the US, the UK, Europe and Asia.”

Based in the UK, Eco Pack specialises in providing sustainable secondary packaging solutions and eco-centric alternatives for the fast-moving consumer goods industry and its manufacturers.

The company focuses on delivering low-cost packaging solutions to its customers while ensuring a low carbon footprint and eliminating the requirement to undertake heat shrink packaging processes.

Eco Pack leverages Siemens Digital technology to address a wide range of packaging challenges in its business.

The company uses this digital technology along with data-driven analysis and decision-making to develop sustainable packaging solutions.

The solutions offered by Eco Pack are expected to replace the traditional shrink-wraps and cardboard boxes used by various retailers, Ault Alliance added.

The packaging solution provider’s machinery is claimed to be engineered with a modular framework, which is suitable for different manufacturing settings.