Sealed Air Corp said it would acquire peer Liquibox for $1.15 billion, as the packaging firm aims to boost its presence in the quick service restaurants and liquid packaging segments.

Sealed Air's acquisition of Liquibox that makes sustainable packaging for fresh foods, beverages and consumer goods, comes against the backdrop of a recent consolidation in the packaging sector, as firms focus on recyclable packaging materials.

Sealed Air has secured $1 billion in committed debt to finance the deal, with the balance to be paid with cash on hand.

The deal for Liquibox, which has forecast annual revenue of $362 million, is expected to close in the first quarter of 2023.