Equity Firm Acquires MeadWestvaco Papers
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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 to concentrate on augmenting its opportunities in the global packaging markets.
"The sale monetizes the value of our efforts to create the leading coated papers franchise in North America," Luke says. "Over the last several years, we have reduced costs and gained market share in a challenging economic environment, and this sale creates a new papers business that is well positioned to compete as a standalone company."
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