MWV intensifies packaging focus

Global packaging specialist MeadWestvaco Corporation (MWV) has agreed to sell its Consumer & Office products business to ACCO Brands Corporation, as it looks to increase its focus on packaging solutions and products.
 
MWV Consumer & Office Products is a leading manufacturer and marketer of school supplies, office products, and planning and organizing tools, including the Mead, Five Star, At-A-Glance and Tilibra brands. The business has significant operations in the US, Canada and Brazil.
 
MWV said the transaction will enable it to sharpen its focus on profitable growth opportunities in large and growing global packaging markets, including food, beverage, healthcare, personal care, tobacco and home and garden.
 
The tax-efficient transaction is valued at approximately US$860 million to MWV and its shareholders on a pre-synergy basis. For shareholders, the deal is described as improving MWV’s overall growth profile and focus on packaging, as well as providing resources that can be invested in MWV’s core businesses.
 
John A. Luke, Jr, MWV chairman and chief executive officer, said: ‘We are taking a significant step in transforming MWV’s business to focus on and grow in our targeted global packaging markets.’