Richmond, Virginia, USA 03 December 2012 -- MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions announced 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.
About Ruby Macons Limited
Ruby Macons Limited is the market leader in corrugated packaging materials in India, producing greater than 150,000 tons annually. Soundly managed by the Nathani family since its founding in 1986, Ruby Macons Limited boasts strong operational leadership, a best-in-class reputation, high brand awareness among converters and brand owners, and advantaged geographic locations within India in Vapi and Morai, Gujarat.
MeadWestvaco Corporation (NYSE: MWV) is a global packaging company providing innovative solutions to the world’s most admired brands in the healthcare, beauty and personal care, food , beverage, home and garden, tobacco, and agricultural industries. The company also produces specialty chemicals for the automotive, energy, and infrastructure industries and maximizes the value of its land holdings through forestry operations, property development and land sales. MWV’s network of 125 facilities and 16,000 employees spans North America, South America, Europe and Asia. The company has been recognized for financial performance and environmental stewardship with a place on the Dow Jones Sustainability World Index every year since 2005. Learn more at www.mwv.com.
Certain statements in this document and elsewhere by management of the company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of each company, or industry results, to differ materially from those expressed or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties, and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to, events or circumstances which affect the ability of MeadWestvaco to realize improvements in operating earnings from the company's ongoing cost reduction initiatives; the ability of MeadWestvaco to close announced and pending transactions, competitive pricing for the company's products; impact from inflation on raw materials, energy and other costs; fluctuations in demand and changes in production capacities; relative growth or decline in the United States and international economies; government policies and regulations, including, but not limited to those affecting the environment, climate change, tax policies and the tobacco industry; the company's continued ability to reach agreement with its unionized employees on collective bargaining agreements; the company's ability to execute its plans to divest or otherwise realize the greater value associated with its land holdings; adverse results in current or future litigation; currency movements; volatility and further deterioration of the capital markets; and other risk factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2011, and in other filings made from time to time with the SEC. MeadWestvaco undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised, however, to consult any further disclosures made on related subjects in the company's reports filed with the SEC.