John Luke

STAMFORD, CT—Investment firm Cerberus Capital Management has reached a definitive agreement to acquire MeadWestvaco's papers business and associated assets for $2.3 billion. As part of the deal, the Cerberus-led company will acquire mills located in five states, with a combined annual capacity of approximately 2.05 million tons of coated paper, 290,000 tons of carbonless paper and 110,000 tons of uncoated paper. The sale also includes 900,000 acres of forestlands in six states that serve these mills. According to John Luke Jr., chairman and CEO of MeadWestvaco, the sale enables the company to reduce debt and add shareholder value and growth potential. It also signals MeadWestvaco's desire