MeadWestvaco has declared that it has acquired Polytop, a company specializing in dispensing closures, on December 30, 2011, for an undisclosed price. Through this acquisition, the company broadens its capabilities in packaging end-use markets.
Polytop produces dispensing closures for personal care and beauty, garden and home, and food packaging markets. Besides producing a broad array of standard dispensing closures such as Polycam (hinged, flip tops), Tube and Spouted (Turret Cap) lines, the company supplies customized dispensing closures using its advanced dosing and orifice technologies.
The Polytop acquisition will bring in innovative technologies and capabilities to the growth strategy of MeadWestvaco. The purchase will also strengthen Polytop’s position in the North American market and allow expansion into new markets, thanks to the expertise of MeadWestvaco.
Polytop’s production and office facilities situated in Slatersville, Rhode Island, will continue its operations as a key component of MeadWestvaco’s worldwide production platform and major plastic operations. All workers of the company will come under the management of MeadWestvaco.
The Chairman and CEO at MeadWestvaco, John A. Luke, Jr. stated that the Polytop purchase expands the company’s involvement in packaging end-markets. As part of its growth strategy, the company aims additional revenues of over $1 billion over the next three to five years via innovation, commercial supremacy, emerging markets and acquisitions that provide new capabilities and technologies, he said. Polytop brings in high-profit opportunities to MeadWestvaco’s packaging platform for providing better solutions to its worldwide customer base, he added.