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RICHMOND, Va. (AP) — Packaging company MeadWestvaco said Friday that it is buying corrugated packaging materials company Ruby Macons Ltd. in order to strengthen its presence in India.
Financial terms were not disclosed.
Ruby Macons, which was founded in 1986, produces more than 150,000 tons of corrugated packaging materials annually. The company's offices and manufacturing plants in Vapi, Gujarat, in India will stay in operation and its employees will join MeadWestvaco Corp. Its management team will also remain in place.
Ruby Macons managing director Ashraf Nathani will become vice chairman and president of the company.
MeadWestvaco is based in Richmond, Va.
Its shares closed at $30.76 on Thursday. They are up 18 percent from their 52-week low of $26.15 set in early June. They traded as high as $32.50 in late April.