(Source: Business Wire)
MeadWestvaco Corporation (NYSE:MWV) announced today it has signed an
agreement to sell its Specialty Papers business in South Lee, Mass., to
Onyx Specialty Papers, Inc. The business produces decorative laminate
products for commercial and residential markets, transmission products
for the automotive industry, as well as other industrial specialty
papers for various markets. The sale is expected to be completed in
early December 2009. Terms of the agreement were not disclosed. Upon
completion of the sale, MWV will fully exit the Specialty Papers
business.
Onyx Specialty Papers is a new business formed by the plant's current
general manager, Patricia Begrowicz, and Chris Mathews, vice president
of Sales and Business Development.
"We have built a strong business by producing high quality papers,
serving diverse, global markets," said Begrowicz. "We have long standing
relationships with our customers and vendors, and produce specialized
products that meet the unique demands of certain markets. We are
confident that this is a competitive and profitable business and are
looking forward to continuing to serve our customers for the long term."
The South Lee facilities employ approximately 122 people, and all are
expected to transition to the new company.
About MWV
MeadWestvaco Corporation (NYSE:MWV), provides
packaging solutions to many of the world's most-admired brands in the
healthcare, beauty and personal care, food, beverage, media and
entertainment, home and garden, tobacco, and commercial print
industries. The company's businesses also include Consumer & Office
Products, Specialty Chemicals, and the Community Development and Land
Management Group, which sustainably manages the company's land holdings
to support its operations, and to provide for conservation, recreation
and development opportunities. With 21,000 employees worldwide, MWV
operates in 30 countries and serves customers in more than 100 nations.
MWV manages all of its forestlands in accordance with internationally
recognized forest certification standards, and has been named to the Dow
Jones Sustainability World Index for the sixth consecutive year. For
more information, please visit www.mwv.com.
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