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MeadWestvaco, Bilcare Buying Packaging Company

Health care packaging company teamed with India-based Bilcare Ltd. to buy International Labs of St. Petersburg, Fla.

RICHMOND, Va. (AP) -- Packaging company MeadWestvaco Corp. said Monday it teamed with India-based Bilcare Ltd. to buy pharmaceutical packaging company International Labs of St. Petersburg, Fla.

Financial details of the buyout, which closed Friday, were not disclosed.

MeadWestvaco and Bilcare said the buyout will boost the companies' capabilities and streamline operations. It combines MWV's capabilities in health care packaging design with Bilcare's research and expertise in materials, products, processes and services, MWV said.

International Labs does contract packaging for retail pharmacies and large drug manufacturers.

Shares of MeadWestvaco rose 8 cents to $23.78 in morning trading.

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