US-based packaging and packaging solutions provider MeadWestvaco Corporation today said it has acquired corrugated packaging materials maker Ruby Macons.
Macons, with annual production capacity of 150,000 tonnes of container boards, owns two mills, with three paper machines, in and around Vapi in Gujarat.
"We welcome Ruby Macons into the MWV family, marking an important step forward in our long-term commitment to growth in India," MWV Senior Vice-President Peter C Durette said in a statement.
However, the statement remained silent on the financial details of the deal.
"We shall be doubling production capacity at the newly acquired facility from the existing 150,000 tonne over the next 3-4 years period," he told PTI.
Macons clocked a revenue turnover of around USD 80 million (Rs 450 crore approx) in last 12 months.
The deal was closed recently and financial results of Ruby Macons will now be reported as part of MWV's industrial packaging segment, a company statement said.
As part of the deal, all Macons employees will now become MWV India employees, and its management team will remain in place, including Ruby Macons MD Ashraf Nathani who will become vice-chairman and president of the business, according to the release.
"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," Nathani said.
US-based MWV delivers innovative packaging solutions for a variety of consumer goods markets in India, including healthcare, beauty & personal care, home & garden, and beverage.
MWV has a network of around 125 facilities and 16,000 employees across North America, South America, Europe and Asia.