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Mead To Close Coating Facility In Indianapolis

Tuesday, January 16, 2001

Press release from the issuing company

DAYTON, OH. January 16, 2001 -- The Mead Corporation (NYSE:MEA) today announced plans to close the Mead Paper carbonless coating facility located in Indianapolis, Indiana. Mead expects to transfer production from this site by the end of May 2001 to Mead’s recently acquired carbonless coating facility in Fremont, Ohio. “By consolidating these facilities, we will improve the productivity of our carbonless coating operations while maintaining our ability to meet customers’ needs,” said Ian W. Millar, president of the Mead Paper division. “The similar operations of these facilities allows us to consolidate them.” Closing the Indianapolis facility will affect 40 employees, who will receive severance assistance if they are eligible. As a result of the shutdown, Mead will incur pretax charges, primarily in the first and second quarters of 2001, expected to total approximately $4 million to $5 million. The charges are for severance, equipment redeployment and incremental depreciation costs, and other shutdown related expenses. Mead expects the closing to have a positive effect on earnings in 2002. Following the closure, Mead Paper’s facilities in Fremont and Chillicothe, Ohio, will have the capacity to produce approximately 290,000 tons of carbonless copy paper each year. This paper is used when multiple copies are required, such as receipts and order forms.

 

 

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