MeadWestvaco, Bilcare buy packaging company

Bilcare and US-based Meadwestvaco Corp have acquired a pharmaceutical company International Labs, Florida.

The amount of deal and terms and conditions of deal are not disclosed by the companies.

International Labs said that the deal will boost up the packaging business across the globe. It is known for contract packaging for retail pharmacies and large drug manufacturers.

The acquisition will combine the capabilities and global experience of both companies in terms of packaging expertise, and research and development. MWV Senior Vice President Bruce Thomas said that the combination will prove useful in growing the economies of global healthcare and improving patient outcomes by creating a more efficient chain to serve customers in the world.

The shares of company recorded a gain of 4.20 per cent on Bombay Stock Exchange in morning trade.