RICHMOND, VA (June 2, 2008) — MeadWestvaco Corp. (MWV) today announced plans to sell the MWV Specialty Papers Cedar mill in Potsdam, NY, to Potsdam Specialty Paper Inc. (PSPI). MWV Specialty Papers will continue to own and operate its Willow mill in South Lee, MA. The sale is expected to close in the third quarter. Terms of the agreement were not disclosed.
PSPI is part of an investment holding company with offices in NY, Hong Kong, and Toronto, that 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 of the business to new customers. PSPI will be part of a portfolio of global businesses that focus on niche products and markets in the value added paper and coatings distribution business.
“I am very pleased that PSPI will be part of a fast growing, global portfolio of specialty products holdings and confident that they will be a responsible steward and great asset to the Potsdam community,” said Mike Huth, president of MWV Specialty Papers.
The mill’s current management team will remain in place following the sale, and all employees will transition to PSPI following the completion of the sale.
About MWV
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 24,000 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, please visit www.mwv.com.