Richmond packaging giant MeadWestvaco announced today a joint venture with an Indian box manufacturer, Wadco Packaging.
MeadWestvaco purchased a 51 percent equity stake in Wadco and plans to improve the Indian company’s ability to package produce in the country.
“The demand for value-add corrugated packaging in India is expanding, and our partnership with MeadWestvaco will take our business to even greater heights,” said Pankaj Wadhwa, owner of Wadco.
Currently there is a 40 % value loss for local Indian produce before it even gets to market, the partnership aims to reduce this number by enabling Wadco to take advantage of Meadwestvaco’s technology, including humidity-resistant packaging.
“In addition to produce protection, our packaging is designed to provide an appealing point-of-sale display, demonstrating the multiple benefits of the solution’s superior design and technology,” said Bob Feeser, president of Mead Westvaco’s paperboard operations.
The deal continues to strengthen Virginia’s growing business ties to India. This past weekend at the 2008 Virginia Conference on World Trade in Norfolk, Governor Tim Kaine announced that five Indian-tech firms will be opening offices in the state.
The conference focused on trade between Virginia and India.