Global packaging company MeadWestvaco (MWV) has announced an agreement to acquire Ruby Macons, an Indian producer of corrugated packaging materials. Terms of the deal were not revealed.
MWV chairman and chief executive officer John Luke Jr said the acquisition will extend the company's participation in India and reinforce its presence in a market that has been targeted by the company for profitable growth.
"The addition of Ruby Macons boosts our ability to grow profitably in India by bringing their leading local position and capabilities in packaging materials together with our global expertise and innovation capabilities," Luke said.
According to the US-based MWV, the company, besides its own box plant in Pune will offer a wide range of packaging solutions that address market and consumer needs in India through Ruby Macons and its converting customers.
The offices and manufacturing facilities of Ruby Macons including two mills containing three paper machines will remain in full operation and become a part of the industrial packaging and global manufacturing platform of MWV.
With the acquisition, MWV will be able to expand its Indian presence in industrial packaging, which includes a manufacturing facility in Pune.
The facility manufactures rigid, humidity-resistant corrugated packaging for fruits and vegetables, consumer goods, household appliances and pharmaceuticals.
Ruby Macons, which produces more than 150,000t of corrugated packaging materials annually, reported revenues of about $80m over the last one year.
