MeadWestvaco (MWV) and Berry Plastics have announced investments in their respective sectors with major developments starting this year.
MeadWestvaco is to invest INR 1000 crore (US$184m) over a period of three to five years in the packaging and paperboard industry in India.
Berry is to expand its operations in Indiana, USA, with a $33m investment creating up to 115 jobs.
MWV inks deal
MWV signed a Memorandum of Understanding (MOU) with the Gujarat Government following the purchase of Ruby Macons in October last year.
It includes expansion of production at the current facility with a new paper machine that will manufacture new paperboard products and grades and increases in production should start this year.
Ruby Macons produces more than 150,000 tonnes annually of corrugated packaging materials and has revenues of $80m over the last 12 months and double digit operating margins.
The firm operates two mills including three paper machines in and around Vapi, Guarat and Mumbai.
John Luke, Jr., chairman and CEO of MWV said India was an important market for the firm through acquisition and expansion.
“We see significant opportunities for higher quality and more innovative packaging solutions in corrugated or industrial markets, as well as many consumer categories such as food, beverage, healthcare and personal care – largely due to the emergence of modern retail and a fast-growing middle class in India.”
Berry US growth
Berry plans to expand and further equip its Evansville production facility leading to 115 jobs by the end of 2013.
Berry Plastics Opco, a subsidiary of the group, was offered $800,000 in performance-based conditional tax credits based on the job creation plans by the Indiana Economic Development Corporation.
"We are extremely appreciative of the city, county and state officials who worked diligently with us, allowing for growth at our Evansville facilities," said Jon Rich, chairman and chief executive officer of Berry Plastics.
"The capital investment we are announcing is in direct support of our strategic goal of accelerating our innovative product development and the bringing to market of exciting new products that provide solutions for our customers."