Polytop's offices and manufacturing facilities in Slatersville, R.I., will remain in full operation and become an important part of MWV's primary plastic operations and global manufacturing platform. In addition to offering a broad range of standard dispensing closures, including its Spouted (Turret Cap), Tube and Polycam® (flip tops, hinged) lines, Polytop also produces custom-designed dispensing closures that utilize the company's orifice and dosing technologies.
The Polytop management team will remain in place and all 180 Polytop employees will become MWV employees.
"The acquisition of Polytop extends our participation in attractive packaging end-markets that we have targeted for profitable growth around the world," said John A. Luke Jr., MWV chairman and CEO. "With Polytop, we are expanding the innovative capabilities that we can bring to the world's leading brand owners to meet their global packaging needs."
Luke added that "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. 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."
William Masser, retiring Polytop CEO, noted that "we see this as an excellent opportunity for Polytop Corp. Combining with MWV allows us to better serve the needs of our customers by broadening the range of dispensing products and expanding the technologies we can now offer, and doing so on a global basis."
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