Westvaco has formed a new online venture to target the 450bn ($655bn) multinational consumer packaging sector.


The American packaging and paper group, which owns multimedia packaging specialist Impac, has teamed with 17 charter members to form Paxonix, an Internet-based packaging solutions operation.


Westvaco has provided the initial funding, although Paxonix will operate as an independent company with its own board. IBM has been signed up as key technology adviser.


Westvaco chairman and chief executive John Luke said Paxonix would help consumer product suppliers speed up product launches.


Members include Cordiant Communications, Interpack; Landor Associates, Marinetti Packaging and Tien Wah Press Holdings.