MeadWestvaco Announces Plans to Sell Specialty Papers Plants in South Lee, Mass.
RICHMOND, VA (October 9, 2009)—MeadWestvaco Corporation (NYSE: MWV) announced today it has signed an agreement to sell its Specialty Papers business in South Lee, Mass., to Onyx Specialty Papers, Inc. The business produces decorative laminate products for commercial and residential markets, transmission products for the automotive industry, as well as other industrial specialty papers for various markets. Terms of the agreement were not disclosed. The sale is expected to be completed in early December 2009. Upon completion of the sale, MWV will fully exit the Specialty Papers business.
Onyx Specialty Papers is a new business formed by the plant’s current general manager, Patricia
Begrowicz, and Chris Mathews, vice president of Sales and Business Development.
“We have built a strong business by producing high quality papers, serving diverse, global markets,” said Begrowicz. “We have long standing relationships with our customers and vendors, and produce
specialized products that meet the unique demands of certain markets. We are confident that this is a
competitive and profitable business and are looking forward to continuing to serve our customers for the long term.”
The South Lee facilities employ approximately 122 people, and all are expected to transition to the new company.