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Westvaco: AGI Media Packaging Acquires TM Limited

Press release from the issuing company

NEW YORK, NY, March 21, 2001 -- AGI Media Packaging Europe Limited, part of the leading global media entertainment packaging business owned by Westvaco Corporation, today announced the acquisition of TM Limited for an undisclosed sum. Based in London, TM Limited is one of Europe's leading suppliers of specialty packaging design, pre-press and print services to the movie industry. Over the last twelve months, TM has grown rapidly as the European market for DVD-format movies has expanded exponentially. The company now employs 148 people, more than double its staff in 1998, and expects revenue in 2001 to exceed $22 million (£15 million). Equipped with state-of-the-art technology, including the UK's first Heidelberg DI B2 six-color printing press, TM works with many of the leading players in the international movie industry including Paramount, Universal, MGM and Fox. TM will join AGI Media Packaging's portfolio of design and pre-press companies in Europe, including Sonicon, Pinepoint, AGI Media Packaging Slough and Vent, which come under the direction of Julian Malin, Managing Director of Sonicon. Westvaco's media packaging business also includes other AGI operations that supply packaging and printed materials for DVD-format movies and interactive games and CD-format music in the United States and Europe and DuBOIS Holdings, a UK-based company that produces and licenses the world's best-selling standard DVD package. "We had been looking for opportunities to expand more into specialty packaging for the movie industry and TM was top of our list of companies to partner with," said Mr. Malin. "It has an excellent reputation, producing some of the most exciting packaging projects in Europe. We have been working closely together, especially over the last six months, and have partnered on some major jobs such as DVD packs for movies, including Raging Bull from MGM, and Fight Club and the recently released X-Men, both from Twentieth Century Fox.