Richmond, Virginia, USA, 20 June 2008 -– MeadWestvaco Corp. (NYSE: MWV) announced that it has completed its USD 400 million accelerated share repurchase program. As a result of this program, which began in November 2007, the company retired 14 million shares at an average price of USD 28.51 per share, representing 7.5% of the total shares outstanding when the program commenced. The company expects to have about 171 million shares issued and outstanding as of 30 June 2008.
The share repurchase program was funded with proceeds from sales of company-owned and leased forestland in Alabama, Georgia, and West Virginia that closed in the third and fourth quarters of 2007.
MeadWestvaco Corporation provides packaging solutions to many of the world’s most-admired brands in the healthcare, personal and beauty care, food, beverage, media and entertainment, and home and garden industries. The company's businesses 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 24,000 employees worldwide, MeadWestvaco operates in 30 countries and serves customers in more than 100 nations. The company 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 fourth consecutive year. For more information, visit www.mwv.com.