Nov 15 2010
MeadWestvaco Corporation (NYSE: MWV) today announced that it has entered into an agreement to acquire leading European trigger sprayer provider Spray Plast SpA.
The Italian-based company’s innovative all-plastic trigger sprayers are widely used in the consumer and professional markets, and the acquisition will provide MWV the opportunity to immediately enhance its Home & Garden business in Europe. The acquisition is expected to close in the fourth quarter. Terms of the agreement were not disclosed.
“MWV’s Home & Garden business and Spray Plast share an innovation-based approach to serving the market – one that uniquely combines creative and manufacturing expertise to develop competitive products that meet consumer demands,” said Thomas Jonas, president of MWV’s Home & Garden business. “MWV has achieved great success in serving the North American home and garden market, and we are focused on capturing the segment’s global potential. We look forward to the additional growth opportunities the synergy of this partnership will bring.”
Spray Plast’s IP-protected, all-plastic product portfolio is used throughout household and industrial cleaning, automotive, agriculture and veterinary markets in Europe. MWV’s expanded portfolio will better position the company to grow within Europe and targeted emerging markets, and meet growing demands for more ergonomic, high-performing, and environment-friendly products.
“Our company’s dedication to developing the highest quality trigger sprayer solutions, our commitment to customers, and leading with industry expertise have established Spray Plast as a clear market leader since my father, Piero Gualdi, founded the business,” said Andrea Gualdi, managing director, Spray Plast, SpA. “We look forward to the growth opportunities the collaboration with MWV will bring us as we leverage both of our respective capabilities to bring competitive products to the global Home & Garden market.”
Spray Plast operations, located in Romano, d’Ezzelino, near Venice, include injection molding and assembly machinery. All 109 employees will transition to MWV, and the Spray Plast management team, including Andrea Gualdi as managing director, will remain in place.