* To expand operations in Brazilian unit
* To grow corrugated-packaging business
* Raises quarterly dividend by 9 pct
* To double capacity of Tres Barras mill
Nov 17 Packaging products company MeadWestvaco
Corp MWV.N said it would invest about $480 million to grow
its corrugated-packaging business in Brazil.
MeadWestvaco said it will expand operations in Rigesa, its
Brazilian unit, and develop its facility in Santa Catarina
State, including the installation of a paperboard machine that
will double the capacity of its Tres Barras mill.
The investment will be funded through internal and external
sources, and when the mill is fully operational, the company
expects to employ about 800 people.
The company, which employs more than 2,500 people in
Brazil, has been in the market with Rigesa since 1953. Rigesa
supplies packaging products in the food, cleaning, cosmetics,
health, chemicals and electronic markets.
MeadWestvaco also raised its quarterly cash dividend by 9
percent to 25 cents.
The Richmond, Virginia-based company's shares have gained 2
percent since reporting second-quarter results in July. They
closed at $25.21 on Tuesday on the New York Stock Exchange.
(Reporting by Isheeta Sanghi in Bangalore; Editing by Vinu
Pilakkott) ((firstname.lastname@example.org; within U.S. +1
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