Axiom has entered into a strategic alliance with Canada-based developer and marketer of innovative and environmentally friendly packaging solutions PaperNuts.

The transaction will make PaperNuts a wholly-owned subsidiary of Axiom.

Once the transaction is completed, Axiom intends to change its name to PaperNuts Limited.

PaperNuts has the proprietary and intellectual rights for the development of an environmentally friendly alternative to loose-fill packaging options that has been developed by the company in Finland.

Its product competes with polystyrene foam plastic peanut fillers, bubble wrap, air pillows, crumpled paper, foam-in-place, and corn starch peanut products.

Made from 100% recycled paper that would otherwise have been sent to landfills, PaperNuts provide superior product protection that are clean and easy to handle and are non-polluting and low in particulates.

Requiring only 30ft2 of floor space to operate, the patented PaperNuts Converter can help small, medium, and large scale businesses to reduce their shipping and storage costs by enabling them to produce on-demand on-site packaging.

Axiom CEO Kranti Kotni said: "Around the world there has been a big push for increased regulations on the use of loose-fill packaging material, especially polystyrene peanuts.

"The movement towards banning these types of environmentally destructive products represents a clear business opportunity for PaperNuts as more and more governments, companies, and consumers insist on adhering to stricter green guidelines for responsible packaging."