Richmond, Virginia, USA, 03 September 2008 -- MeadWestvaco Corporation (NYSE: MWV) today announced it has completed the sale of its Specialty Papers Cedar mill in Potsdam, New York, to Potsdam Specialty Paper, Inc. (PSPI) on 01 September 2008. Terms of the agreement were not disclosed.
PSPI is part of an investment holding company with offices in New York, Hong Kong, and Toronto, and has the financial resources to continue growing the business, expanding the product portfolio, investing in the people and facilities, and rapidly expanding the global reach to new customers. PSPI is part of a portfolio of global businesses that focus on niche products and markets in the value added paper and coatings distribution business.
The mill’s current management team remains in place, and all employees transitioned to PSPI upon completion of the sale.
MeadWestvaco Corporation (NYSE: MWV), 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 23,000 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 fourth consecutive year.
For more information, visit www.mwv.com.