RICHMOND, VA. (Jan. 4, 1:20 p.m. ET) — MeadWestvaco Corp. has purchased packaging closure maker Polytop Corp. in a deal that is part of MWV's “aggressive growth strategy.”
The deal, for an undisclosed amount, closed on Dec. 30, MeadWestvaco announced in a Jan. 4 news release. Polytop's offices and manufacturing facilities in Slatersville, R.I., will remain open and its management and 180 employees will remain in place.
Richmond, Va.-based MeadWestvaco had already announced plans to see annual growth of 5 to 10 percent per year, meeting with investors and analysts in December to lay out its strategy.
“We have an aggressive growth strategy that targets more than $1 billion of additional revenue over the next three to five years through initiatives centered on commercial excellence, innovation and emerging markets that we will augment with bolt-on acquisitions that bring us new technologies or capabilities,” Chairman and CEO John Luke Jr. said in the news release.
Polytop is an injection molder of closures for the food, home and garden, beauty and personal care packaging markets. The publicly-traded MWV has operations in 30 countries.
William Masser, the retiring Polytop CEO, said the acquisition gives the company an opportunity to expand its technologies and global reach.