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MWV Acquires Polytop Corporation to Further Strengthen Position in Global Packaging

MeadWestvaco Corporation (NYSE: MWV) today announced that it is expanding its capabilities in targeted packaging end-markets with the acquisition of Polytop Corporation, an innovative leader in the design and manufacturing of dispensing closures.

The acquisition was completed on December 30. Terms of the acquisition were not disclosed.

“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. “With Polytop, we are expanding the innovative capabilites that we can bring to the world's leading brand owners to meet their global packaging needs.”

Luke added, “We have an aggressive growth strategy that targets more than $1 billion of additional revenue over the next three to five years through initiatives centered on commercial excellence, innovation and emerging markets that we will augment with bolt-on acquisitions that bring us new technologies or capabilities. Polytop exemplifies the high-return opportunities we will add to our packaging platform to deliver the best possible solutions to our targeted global customer base.”

Polytop is a leading designer and manufacturer of dispensing closures serving leaders in the food, home and garden, and beauty and personal care packaging markets. In addition to offering a broad range of standard dispensing closures including its Spouted (Turret Cap), Tube and Polycam® (flip tops, hinged) lines, Polytop also produces custom-designed dispensing closures that utilize the company's innovative, unique orifice and dosing technologies. By bringing Polytop's unique capabilities and technologies to MWV's growth strategy, the company will be able to accelerate Polytop's strong North American presence while expanding into new geographies where MWV has market expertise.

“We see this as an excellent opportunity for Polytop Corporation,” said William Masser, retiring Polytop chief executive officer. “Combining with MWV allows us to better serve the needs of our customers by broadening the range of dispensing products and expanding the technologies we can now offer, and doing so on a global basis.”

Polytop's offices and manufacturing facilities, located in Slatersville, Rhode Island, will remain in full operation and become an important 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.
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