MeadWestvaco Corp. announced an agreement to sell its Stevenson, Ala., corrugating medium mill and related assets, including seven container plants and 82,000 acres of timberlands, to Smurfit-Stone Container for about $375 million. Completion of the transaction, which is subject to regulatory approval, is expected later this year.
"Following a strategic review of our businesses completed after our merger in January, we determined that, while Stevenson is an excellent facility, our position in the corrugating medium market is not core to our long-term packaging strategy," said John A. Luke, Jr., president and CEO. "This transaction reflects our intent to move quickly to address our strategic priorities and sharpen our focus on higher value markets.
The Stevenson mill is part of MeadWestvaco's Containerboard Division, headquartered in Atlanta, Ga. The division employs approximately 1,200 people at the mill and its seven container plants located in the South and Midwest areas of the U.S.Get curated news on YOUR industry.
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