October 11, 2007 - RICHMOND, Va. - MeadWestvaco Corporation today announced that is has completed the sale of approximately 228,000 acres of owned forestland and approximately 95,000 acres under long-term timber contracts for $400 million to Wells Timberland REIT. The sale is part of MeadWestvaco's previously announced strategy to segment and manage its domestic land holdings for the highest value opportunities. The company intends to return proceeds from this sale to its shareholders.
Under the terms of the sale, MeadWestvaco has a long-term fiber supply agreement with Wells Timberland REIT to provide fiber to the company's paperboard mill in Cottonton, Alabama. This fiber will be sold at market price and the forestlands will continue to be managed and third-party certified under the requirements of the Sustainable Forestry Initiative Standard.