US packaging major is acquiring Gujarat-based Ruby Macons Ltd, one of the largest players in the domestic industrial packaging industry, for an undisclosed amount.
This acquisition will expand MWV’s presence in industrial packaging in India, which includes a manufacturing facility in Pune that manufactures rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.
The Ruby Macons management team will remain in place and Ashraf Nathani, managing director, Ruby Macons, will become vice chairman and president of the business.
“The acquisition of Ruby Macons extends our participation in India, strengthening our presence in a market that we have targeted for profitable growth. We have built a significant and highly-profitable industrial packaging business in Brazil over the last 60 years, and we will leverage this experience to serve the rapidly-evolving retail sector and fast-growing middle class in India,” said John A. Luke, Jr., chairman and chief executive officer, MWV.
Through Ruby Macons and its customers, in addition to MWV’s own box plant in Pune, the company aims to offer wide range of packaging solutions similar to those it developed in Brazil for fresh produce, industrial products and consumer goods markets.
MeadWestvaco Corp. provides end-to-end packaging solutions to healthcare, personal care, beauty care, food, beverage, tobacco, media and entertainment, home and garden industries. Founded in 1888, the company has a broader packaging business in India, which is led by managing director Gautam Sircar. Headquartered in Pune, India, MeadWestvaco delivers packaging solutions for the consumer goods market.
Founded in 1986 by the Nathani family, Ruby Macons is a large player in the corrugated packaging materials segment, producing over 150,000 tonnes annually. The firm’s revenues were approximately $80 million over the last 12 months, with double digit operating margins. Ruby Macons’ offices and manufacturing facilities are situated at the industrial city of Vapi in Gujarat.
(Edited by Prem Udayabhanu)
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