MeadWestvaco (MWV), a global packaging company, has completed the acquisition of Ruby Macons for an undisclosed value, in a bid to accelerate its growth in India.
Post acquisition, India-based producer of corrugated packaging materials Ruby Macons will become a central part of MWV's packaging platform in India, besides becoming a key element of the company's plans to grow in emerging markets.
Ruby Macons presntly produces over 150,000t of containerboard annually, at two mills containing three paper machines in and around Vapi in the Indian state Gujarat.
According to MWV, the assets, as well as an expansion project which is in progress, are set to increase MWV's capacity and accelerate its profitable growth in the fast growing region considerably.
Ruby Macons managing director Ashraf Nathani said the combination of the strengths of both companies is set to bring value for its employees, customers and suppliers.
"This deal reflects the commitment of both organizations to India," Nathani said.
MWV will expand its presence in industrial packaging in India with the purchase of Ruby Macons, which also includes a converting facility in Pune that manufactures rigid, humidity-resistant corrugated packaging.
The packaging will be used for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.
Ruby Macons' financial results will henceforth be reported as part of MWV's Industrial Packaging segment.
MWV, which has a network of 125 facilities, delivers packaging solutions for various consumer goods markets in India, including healthcare, beauty and personal care, home and garden, and beverages.