The acquisition of Polytop, based in the US state of Rhode Island, was completed on December 30 and appears to be part of a concerted effort by MWV to expand their operations. No financial details were disclosed.
Last month, the Virginia-based company outlined a robust framework for growth.
“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.
The buyout would broaden its portfolio as well as its innovation capabilities, he added.
Signalling MWV appetite for expansion, Luke said: “We have an aggressive growth strategy that targets more than US$1bn 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.”
The MWV chief said the Polytop buyout exemplified its strategy of targeting “high-return opportunities”.
Polytop designs and manufactures a wide range of dispensing closures across a raft of sectors, including food, beauty and personal care.
MWV predicted that its own growth strategy aligned with its new asset’s “unique capabilities and technologies” would see it accelerate both Polytop’s North American presence and expand into international markets.
“We see this as an excellent opportunity for Polytop Corporation,” said William Masser, who will be retiring as the company’s chief executive officer.
Polytop’s offices and manufacturing facilities in Slatersville, Rhode Island will remain in full operation and its management team will remain in place along with all its current 180 employees.
In a separate deal in the US, Private equity firm Mason Wells bought thermoforming packaging manufacturer Mullinix Packages Inc.
Headquartered in Miami Lakes, Florida, Mullinix extrudes and forms CPET, APET and PP sheet into clamshells, trays, cups and lids for the food processing, retail and restaurant industries.