Global packaging company MeadWestvaco Corporation (MWV) has agreed to take over Gujarat-based Ruby Macons, a company that makes papers and related machinery. MWV Wadco India – a part of the MWV group – will acquire 100% of the shares in Ruby Macons.
Ruby Macons produces high-quality corrugated packaging materials and over 150,000 tons of containerboard annually at two mills containing three paper machines in Vapi, Gujarat. It also offers consultancy services for small paper mill projects.
The share purchase and escrow agreements were finalized after multiple rounds of negotiations with the buyer, its advisers and the escrow agent over eight months.
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