(MWV) acquired Polytop Corp., a closure maker, in a move to expand the company's technologies and global growth.
The acquisition will help publicly traded MWV further strengthen its position in global packaging, said Scott Openshaw, manager of corporate communications for MWV.
"Part of our strategy is remaining open to the right opportunities, and this one brings us new technologies and capabilities to our platform in a way we didn't have before," he said.
Polytop is a designer and manufacturer of dispensing closures for the food, home and garden, and beauty and personal care packaging markets. The company offers a variety of standard dispensing closures, along with producing custom-designed dispensing closures.
The Polytop management team will remain in place, along with all of the 180 Polytop employees. In addition, Polytop's offices and manufacturing facilities based in Slatersville, RI, will continue to operate.
With about 17,500 employees worldwide, MWV offers integrated packaging solutions from material development, to primary and secondary packaging design and converting, to machinery development and support, to more than 30 countries.
"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," stated MWV Chairman and CEO John Luke Jr. in the news release.
This acquisition was completed on Dec. 30, and the terms were not disclosed.