Mayr-Melnhof Karton AG

Mayr-Melnhof, based in Vienna, is one of the world's largest makers of recycled cartonboard and a big producer of folding cartons and other packaging, supplying the food, consumer-goods and pharmaceutical industries. Steady demand for everyday packaging gives it a defensive, if unspectacular, base. Mayr-Melnhof has paid a dividend without a cut for decades, funded by dependable cash flow, though recent weakness in packaging demand and costly acquisitions have pressured results. A moderate, dependable yield from a defensive packaging maker defines its profile.