|Chennai||Rs. 28730.00 (1.13%)|
|Mumbai||Rs. 29740.00 (-0.13%)|
|Delhi||Rs. 29200.00 (0%)|
|Kolkata||Rs. 29350.00 (0%)|
|Kerala||Rs. 28000.00 (0%)|
|Bangalore||Rs. 28400.00 (0%)|
|Hyderabad||Rs. 28470.00 (-0.11%)|
US-based packaging major MeadWestvaco Corporation (MWV), who also specialize in packaging solutions on Tuesday announced completion of the purchase of Vapi-based Ruby Macons Limited.
Following the acquition, Ruby Macons, 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, a company release stated.
"The transaction was completed on November 30, 2012 and financial results for Ruby Macons will now be reported as part of MWV’s Industrial Packaging segment," it added.
“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 Ashraf Nathani, managing director, Ruby Macons, who becomes vice chairman and president of the business. “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,” Nathani was quoted in the statement. Ruby Macons is the market leader in corrugated packaging materials in India. The company currently produces over 150,000 tons of container board annually at two mills containing three paper machines in and around the city of Vapi in South Gujarat.
The acquisition of Ruby Macons expands MWV’s presence in industrial packaging in India, which includes a converting facility in Pune making rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.