"The strategic decision to expand our Rigesa business signifies our strong commitment to continued growth and market leadership in Brazil," said John A. Luke Jr., chairman and CEO of MWV. "Our experience, knowledge-base, and existing infrastructure in Brazil, along with the country's emergence as an economic powerhouse, make further investment in our business there very logical and attractive. We are confident that it will be a tremendous source of value for our shareholders and continue to be a long-term competitive advantage for MWV."
The investment will be funded through a combination of internal and external sources. When the mill is fully operating, the company expects to employ some 800 people. MWV has operated Rigesa since 1953 and currently employs more than 2,500 people in Brazil. Rigesa operates two paper mills, four corrugated packaging plants, one consumer packaging plant, and owns 54,000 hectares of forests certified by Cerflor – Brazilian Program of Forestry Certification.
With 19,000 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 seventh consecutive year.
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