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MeadWestvaco Corporation (NYSE:
MWV), a global leader in
packaging and packaging solutionsannounced the completion of the purchase of Ruby Macons Limited (“Ruby Macons”). The India-based producer of high-quality corrugated packaging materials becomes a central component of MWV’s packaging platform in India and a key element of the company’s plans to grow in emerging markets. The transaction was completed on Nov. 30, 2012 and financial results for Ruby Macons will now be reported as part of MWV’s Industrial Packaging segment.
Ruby Macons is the market leader in corrugated packaging materials in India. The company currently produces over 150,000 tons of containerboard annually at two mills containing three paper machines in and around the city of Vapi, Gujarat. These assets, as well as a significant expansion project underway, will significantly increase capacity and accelerate MWV’s profitable growth in this fast growing region.
“We are excited to welcome Ruby Macons into the MWV family, marking an important step forward in our long-term commitment to growth in India,” said Peter C. Durette, senior vice president and chief strategy officer for MWV, who oversees the company’s business in India.
Under the terms of the transaction, all Ruby Macons employees will become MWV India employees and the Ruby Macons management team will remain in place, including Mr. Ashraf Nathani, managing director, Ruby Macons, who becomes vice chairman and president of the business.
Mr. Nathani commented, “This deal reflects the commitment of both organizations to India. We are proud to be joining forces with MWV and confident that the combination of our strengths will bring value for all our employees, customers and suppliers.”
The acquisition of Ruby Macons expands MWV’s presence in industrial packaging in India, which also includes a converting facility in Pune making rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals. MWV also delivers innovative packaging solutions for a variety of consumer goods markets in India, including Healthcare, Beauty & Personal Care, Home & Garden, and Beverage. It also markets specialty chemicals for asphalt paving and other specialty chemicals markets.