Richmond, Virginia, USA, 01 October 2010 – MeadWestvaco Corporation (NYSE: MWV) today announced it has completed the sale of its global media and entertainment packaging business to Atlas Holdings LLC for USD 68 million in cash, subject to post-closing adjustments. The company will report a pre-tax loss on the sale of about USD 125 million in the third quarter. This, as well as the operating results of the global media and entertainment business, will be reported in the third quarter of 2010 as a discontinued operation on an after-tax basis in MWV’s consolidated financial statements.
The media business specializes in innovative packaging for DVDs, music, and video games, and has approximately 1500 employees. Under the terms of the sale, Atlas Holdings has acquired the global network of media packaging businesses that operate under the names AGI Media, AGI Amaray, and AGI Polymatrix, with principal operations in the United States, United Kingdom, Austria, France, Ireland, Germany, Poland, The Netherlands, and Australia.
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, 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 20,000 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 seventh consecutive year. For more information, visit www.mwv.com.