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Westvaco Completes Acquisition Of Majority Interest In Alfred Wall AG

Press release from the issuing company

NEW YORK, NY, May 16, 2001 -- Westvaco Corporation (NYSE: W) today announced that it has completed its previously disclosed acquisition of a majority interest in Alfred Wall AG, one of Europe's leading suppliers of packaging for a wide range of consumer products. "Wall is a great addition to our global Consumer Packaging Group," said John A. Luke, Jr., Chairman and CEO of Westvaco. "Since we announced the transaction last year, the potential for synergies between Wall and our existing operations, as well as Wall's new business opportunities, have only increased. Wall substantially enhances our platform for growth in our target markets." Based in Graz, Austria, Wall is a closely held business that had sales of $127 million in calendar 2000. Wall employs nearly 900 people and operates six packaging plants in four European countries. The purchase price for the acquisition was not disclosed, but involved an exchange of common stock and payment of cash. Mag. Alfred Wall, former CEO of Alfred Wall AG, will play an important advisory role in the development of Westvaco's global packaging business and will also provide valuable support in the oversight of Alfred Wall AG. Andrew E. Dreszer, currently Managing Director of Westvaco Svitavy in the Czech Republic, will be Managing Director of Alfred Wall AG and be responsible for all company functions.