Shareholders of Westvaco overwhelmingly approved the merger with Mead Corp.
``We are gratified that our shareholders appreciate the tremendous potential for this merger to enhance the value of their investments,'' said John A. Luke, Jr., chairman and CEO. ``We expect to close the merger promptly and look forward to our first day as MeadWestvaco. With its financial strength, efficient business platforms and focus on attractive global markets, this new enterprise will hold leading positions in value-creating global businesses.''
On August 29, 2001, Mead and Westvaco announced that they agreed to a merger of equals creating a global company with leading positions in packaging, coated and specialty papers, consumer and office products, and specialty chemicals. The new company, MeadWestvaco will have $8 billion in annual revenues, profitable growth platforms in the company's four core businesses and a strong balance sheet with substantial financial capacity.
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