NEW YORK, NY, Westvaco Corporation (NYSE: W) today unveiled Paxonix, a new Internet-enabled packaging solutions business offering a unique array of integrated software applications, expert professional services and best-in-class resources around the world. Paxonix's mission is to help consumer product companies develop packaging solutions, shorten package-development cycles and increase the speed of product launches and relaunches in one country, a region or globally. As the creator of Paxonix, Westvaco will provide the initial funding. A select group of 17 companies have joined Westvaco as charter members of Paxonix. These charter members operate in 60 countries (see attached fact sheet) and collectively possess expertise that spans advertising, branding, graphic and structural design, packaging materials and packaging production. "Our vision for Paxonix was developed from Westvaco's in-depth market knowledge," said John A. Luke, Jr., Chairman and CEO of Westvaco. "Knowing our customers' business processes and well aware of the benefits of Internet-enabled technology, we saw a clear opportunity to develop a wholly new business which offers terrific potential to create value and enhance global competitiveness for consumer product companies." "Two strengths set Paxonix apart," added Mr. Luke. "It has assembled an unmatched suite of tools and services backed by the most modern technology and has combined these assets with tremendous domain expertise in packaging and related creative services that are integral to speeding up product launches." Multinational consumer product companies must compete for customer attention amid rampant product proliferation and increasingly shorter product lifecycles. The packaging services industry, however, with its highly fragmented makeup and limited capital to invest in new technologies, is simply not structured to meet these challenges effectively. Paxonix brings together innovative services and customers in a collaborative environment where packaging decisions are made that enable customers to increase their speed to market. Faster product introductions and relaunches across multiple countries can meaningfully increase profits by providing an enhanced competitive advantage by attaining greater consumer attention before competing products appear. Using standard Internet browsers, customers can pick and choose among Paxonix's integrated applications and expert services to select options that best suit their competitive needs. Paxonix is targeting multinational customers who understand the strategic importance of packaging, representing an estimated $655 billion a year in expenditures related to exterior product packaging and services. In addition to its charter members, Paxonix has selected IBM as its key technology advisor. IBM will assist in establishing the technology environment that will serve as Paxonix's business foundation and will provide consulting, integration and hosting services.