Packaging company MeadWestvaco Corp. says it has completed its acquisition of corrugated packaging materials company Ruby Macons Ltd.
The Richmond, Va.-based company says the move strengthens its presence in India and significantly increases capacity and accelerates its growth in the fast-growing region.
Financial terms for the deal that closed Nov. 30 were not disclosed.
Ruby Macons produces more than 150,000 tons of corrugated packaging materials annually. Its offices and manufacturing plants in India will stay in operation, its management team will remain in place and its employees will join MeadWestvaco.
As part of the deal, Ruby Macons managing director Ashraf Nathani will become vice chairman and president of the company's paperboard operations in India.
MeadWestvaco operates in 30 countries and has customers in more than 100 nations.