MeadWestvaco expands presence in India
- October 20, 2012
Richmond paper and packaging company purchases Indian producer of corrugated packaging materials.
MeadWestvaco Corp. has signed a definitive agreement to purchase Ruby Macons Ltd. of India to expand the Richmond company’s presence in the country.
“The acquisition of Ruby Macons extends our participation in India, strengthening our presence in a market that we have targeted for profitable growth,” John A. Luke, Jr., chairman and CEO of MWV, said in a statement. “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.”
Ruby Macons is India’s top producer of corrugated packaging materials, producing 150,000 tons annually with capacity expansion underway. In the last 12 months the company reported $80 million in revenues, growing more than 20 percent a year over the past few years. The company was started by the Nathani family in 1986. Ashraf Nathani, current managing director of Ruby Macons, will become vice chairman and president of the business.
Ruby Macons’ offices and manufacturing facilities, including its two mills containing three paper machines, are located in and around the industrial city of Vapi, Gujarat, 180 kilometers north of Mumbai.
MeadWestvaco has a manufacturing plant in Pune, India, which makes humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.