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MeadWestvaco to Close Newark, Delaware, Converting Plant

Friday, February 21, 2003

Press release from the issuing company

STAMFORD, Conn., Feb. 20 -- MeadWestvaco Corporation announced today that it will close its general consumer packaging operations in Newark, Delaware. The facility converts paper and paperboard into printed packages and is part of MeadWestvaco's packaging segment. The company expects to close the facility by late April 2003. "Our Newark employees have been dedicated to this operation, and the decision to close this facility was a difficult one," said Rita V. Foley, president of the company's Consumer Packaging Group. "Closing Newark is a result of the continuing evolution of our marketplace, and reflects a decision to focus on higher-margin business in our targeted markets." This action will result in MeadWestvaco incurring a pretax charge of approximately $6 million. This charge is associated with employee restructuring benefits, asset write-downs and other closure-related expenses. Approximately 80 people are employed at Newark. Newark was opened as part of the former Westvaco Corporation in 1962, operating within its Consumer Packaging Division. Westvaco and The Mead Corporation merged in 2002 to form MeadWestvaco Corporation. MeadWestvaco's Consumer Packaging Group is a leading global supplier of packaging to the media and entertainment, pharmaceutical and healthcare, and cosmetics and personal care markets.

 

 

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