MWV Rigesa Forms Joint Venture with Indian Corrugated - Oct 23, 2008 - 9:33:00 AM

Campinas, Sao Paulo, BRAZIL (October 23, 2008) ¿ MWV Rigesa, a subsidiary of MeadWestvaco Corp. (NYSE: MWV), today announced that it has formed a joint venture with India-based corrugated box manufacturer Wadco Packaging Pvt. Ltd. by purchasing a 51 percent equity stake in the company. The transaction will extend the proven corrugated packaging design, manufacturing and technology capabilities of MWV Rigesa to India¿s local fresh produce market, where there is a 40 percent value loss of the produce before it reaches the market due to inefficient post-harvest practices, processing and handling. The MWV Wadco joint venture is a first of its kind in India and will help eliminate waste and strengthen supply chain efficiency by protecting products during transport to other countries and the local marketplace.
¿Our agri-produce solutions have played a noticeable role in improving the food supply and local economies in Brazil by reducing spoilage and shipping damages,¿ said Paulo Tilkian, president of MWV Rigesa. ¿We look forward to bringing the same benefits to India as our partnership with Wadco strengthens our presence in the region and provides a platform for expansion.¿

MWV Rigesa specializes in advanced corrugated packaging technology for fresh fruits, vegetables, flowers and other perishables as well as other markets, and will oversee Wadco operations. The MWV Wadco joint venture will bring this successful technology to the Indian market by manufacturing Rigesa¿s rigid, humidity-resistant agri-produce shipping packages, which protect against spoilage and damages during transport. The packages are also designed to provide an appealing point-of-sale display, eliminating steps in the supply chain. Wadco will apply Rigesa¿s packaging solutions to the other markets it serves, including consumer goods, household appliances and pharmaceuticals.
¿Wadco¿s manufacturing capabilities and local expertise combined with MWV Rigesa¿s advanced packaging technology and market success will provide solutions that meet the business challenges of the Indian marketplace,¿ said Bruce Thomas, senior vice president, Global Market Strategy and Emerging Markets, MWV. ¿This acquisition supports our overall strategy for growth in emerging markets. Our partnership with Wadco is an important step in enabling us to better address local needs while building our presence in the fast-growing Indian market.¿
Pankaj Wadhwa, current owner of Wadco, will continue to run the company as managing director. The new business model will build on and adapt MWV Rigesa¿s packaging expertise, resulting in a broader product portfolio, more value chain experience and cutting edge design, materials, equipment and technology.
About MWV
MeadWestvaco Corporation (NYSE: MWV), provides packaging solutions to many of the world¿s most-admired brands in the healthcare, personal and beauty care, food, beverage, media and entertainment, and home and garden industries. The company's businesses include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the company¿s land holdings to support its operations, and to provide for conservation, recreation and development opportunities. With 23,000 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the fifth consecutive year. For more information, please visit www.mwv.com.
About MWV Rigesa
Rigesa, Celulose, Papel e Embalagens Ltda., a subsidiary of MWV, has been operating in the Brazilian pulp, paper and packaging segments since 1942. The company supplies packaging solutions to the food, fresh fruits, cleaning, plastics, cosmetics, healthcare, chemical, electronics, textile and tobacco markets, among others. Rigesa has two paper mills, five corrugated packaging plants, two consumer packaging plants, 54 thousand hectares of certified forestlands and 19 sales offices and commercial representatives strategically located nationwide. Rigesa employs more than 2,500 people and is the second largest player in the Brazilian corrugated packaging market. For more information, please visit us at www.rigesa.com.br http://www.rigesa.com.br
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