MeadWestvaco Corporation, a global leader in packaging and packaging solutions has signed a Memorandum of Understanding (MOU) with the Gujarat Government in India that will allow MWV to establish some $184 million over the next three to five years in the packaging and paperboard industry of that country.
For MWV, the investment will expand its presence in industrial packaging and triple its sales in India, while also providing approximately 800 employment opportunities in the Indian packaging industry.
The investment goes along with the November 2012 announcement of its acquisition of Ruby Macons Limited—a leader in corrugated packaging materials in India—as well as additional plans to significantly expand current production at the facility with the installation of a new paper machine that will manufacture new paperboard products and grades.
The investment and expansion plan is already underway and should yield significant increases in production starting in calendar year 2013.
“India is a very important market for MWV, and we are pleased to grow our presence with our acquisition and expansion in Gujarat,” says MWV chairman and chief executive officer John Luke, Jr. “We see significant opportunities for higher quality and more innovative packaging solutions in corrugated or industrial markets, as well as many consumer categories such as food, beverage, healthcare and personal care – largely due to the emergence of modern retail and a fast-growing middle class in India.
He continues: “Through the investment we announced today, we are committing to develop globally competitive products that best suit India’s needs—and to bringing the highest standards for environmental and social responsibility to our local operations.”
This investment will expand MWV’s presence in industrial and agricultural packaging in India, which already includes a converting facility in Pune making rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables, consumer goods, household appliances and pharmaceuticals.
For more information about MWV, visit www.mwv.com.