U.S. supplier of pumps for perfume and cosmetic products MeadWestvaco Corporation (MWV) recently announced the acquisition of Polytop Corporation, a leading U.S. designer and manufacturer of dispensing closures in the food, home and garden, and beauty and personal care packaging markets. The operation was completed on December 30.
“The acquisition of Polytop extends our participation in attractive packaging end-markets that we have targeted for profitable growth around the world,” said John A. Luke Jr., MWV chairman and chief executive officer.
“We have an aggressive growth strategy that targets more than US$ 1 billion of additional revenue over the next three to five years through initiatives centred on commercial excellence, innovation and emerging markets that we will augment with bolt-on acquisitions that bring us new technologies or capabilities,” he added.
By bringing its capabilities and technologies to MWV’s growth strategy, Polytop aims to accelerate its strong North American presence while expanding into new geographies where MWV has market expertise.
Polytop’s offices and manufacturing facilities, located in Slatersville, Rhode Island, will remain in full operation and become part of MWV’s primary plastic operations and global manufacturing platform. “The Polytop management team will remain in place and all 180 Polytop employees will become MWV employees,” the group added in a release.
Financial terms of the transaction were not disclosed.
