US packaging major acquires Guj-based Ruby Macons
US-based MeadWestvaco Corporation (MWV), a global leader in packaging and packaging solutions has acquired Gujarat-based Ruby Macons Limited, a leading corrugated packaging material maker for an undisclosed amount. MWV has entered into a definitive agreement with Alibhai Nathani and family to purchase Ruby Macons.
"After extensive conversations with MWV, through which we came to understand their global leadership, outstanding technical capabilities, and strong long-term commitment, we chose them as the right partner to take Ruby Macons to the next level," said Nathani, chairman of Ruby Macons.
Ruby Macons is the market leader in corrugated packaging materials in India, producing over 150,000 tonnes annually. The company is founded and managed by the Nathani family since 1986. Ruby Macons’ revenues in the past one year touched $80 million (approx Rs 4000 crore) over the last 12 months and has double digit operating margins and strong return on capital.
"Adding to our exsisting presence in India and through Ruby Macons and its converting customers, MWV will be able to offer a wide range of packaging solutions that address market and consumer needs in India," said John A Luke Jr, chairman and chief executive officer, MWV. "We plan to bring innovative solutions like those we've developed in similar markets like Brazil, where for 60 years we’ve delivered solutions in areas including fresh produce, industrial products and consumer goods," he added.