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MeadWestvaco Sells Specialty Papers Unit in South Lee, Mass.

Oct. 9, 2009 - MeadWestvaco today said that it has signed an agreement to sell its Specialty Papers business in South Lee, Massachusetts to Onyx Specialty Papers, Inc.

Terms of the deal were not disclosed.

The South Lee mill 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.

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, MeadWestvaco said.

MeadWestvaco expects the sale to be completed in early December 2009.

Upon completion of the sale, MeadWestvaco said it will fully exit the Specialty Papers business.

SOURCE: MeadWestvaco Corp.




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