Global packaging company to acquire Carolina business from International Paper
RICHMOND, Va.--(BUSINESS WIRE)--MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions, today announced that it has entered into a definitive agreement to acquire the Carolina coated bristols business from International Paper Company (NYSE: IP). Terms of the transaction were not disclosed and the transaction is expected to close by the end of April.
We are excited to bring Carolina into our business and enhance our offerings for customers in this important market segment. In addition, we expect significant operational improvements when we integrate this business into our existing mill system.
This acquisition will expand our ability to serve the commercial and specialty print markets, said Bob Feeser, executive vice president, MWV. We are excited to bring Carolina into our business and enhance our offerings for customers in this important market segment. In addition, we expect significant operational improvements when we integrate this business into our existing mill system.
MWV and International Paper have agreed to a plan that will ensure minimal disruption for customers while a full and smooth transition is completed over the next several months.
We have grown our business by focusing on profitable segments of the printing market such as high end retail signage and displays, digital printing, and specialty packaging, said Joe McNamara, president of MWV s tobacco and commercial print businesses. The Carolina business will be a long term strategic fit that will have considerable benefits for both MWV and our customers. We expect a seamless transition and look forward to working with customers to address their needs in the coming months and beyond.
Carolina is a line of coated one-side and coated two-side solid bleached sulfate paperboard that is available in a range of sizes, calipers and specifications for use in offset and digital printing end use applications such as direct mail, retail signage, brochures, lottery tickets, game and greeting cards. As with MWV s Tango business, Carolina has long been associated with providing high quality print fidelity and image reproduction for these applications.
MeadWestvaco Corporation (NYSE: MWV) is a global packaging company providing innovative solutions to the world s most admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, commercial and specialty printing, and agricultural industries. The company also produces specialty chemicals for the automotive, energy, and infrastructure industries and maximizes the value of its development land holdings. MWV s network of 125 facilities and 15,000 employees spans North America, South America, Europe and Asia. Learn more at mwv.com.
For a Complete Version of this BUSINESS WIRE Press Release