By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
RICHMOND, Va. – Polytop Corp., with offices and manufacturing facilities in Slatersville, was acquired on Dec. 30 for an undisclosed sum.
The 180 employees of the company, which designs and manufactures dispensing closures, will become part of MeadWestvaco Corp. Polytop CEO William Masser will retire. Its local facilities will remain “in full operation,” a news release said Wednesday.
In 2010, Polytop joined Toray Plastics (America) Inc. and an environmental group in an unsuccessful attempt to overturn the approval of a contract between offshore wind farm developer Deepwater Wind and National Grid. Polytop was concerned about increased energy costs.
MeadWestvaco makes packages. It has 17,500 employees worldwide.
“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,” said John A. Luke Jr. MWV chairman and CEO.
“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,” he added.