RICHMOND, VA (October 9, 2009)—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. Terms of the agreement were not disclosed. The sale is expected to be completed in early December 2009. 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 companys 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.