MWV to sell its envelope products group to Cenveo, expects to close deal at end of 2010; group consisting of 910 employees in U.S. expected to all transition to Cenveo
RICHMOND, Virginia, and STAMFORD, Connecticut
November 29, 2010
– MeadWestvaco Corporation (NYSE:MWV - News) today announced that it has agreed to sell its Envelope Products Group to Cenveo, Inc. (NYSE:CVO - News), a leading graphic communications company based in Stamford, Conn. The divestiture of the Envelope Products Group, which is part of MWV’s Consumer & Office Products business, to Cenveo will better position the business for continued growth and success. The sale is expected to close at the end of 2010. Terms of the agreement were not disclosed.
“The Envelope Products Group has built its leading position and strong reputation on producing high quality envelope products to meet a variety of business customer needs,” said Neil McLachlan, president, MWV Consumer & Office Products. “This is an important step in achieving the next level of growth for the Envelope business.”
“Cenveo is focused on expanding its envelope platform, and adding the Envelope Products Group underscores our continued strategic growth plan for the business,” said Robert G. Burton, Sr., chairman and CEO of Cenveo. “We look forward to a seamless integration of our business and servicing our customers with an enhanced array of products and services that is unparalleled in the market. We believe that this acquisition will be accretive to Cenveo’s earnings in the first year of combined operations.”
The Envelope Products Group has approximately 910 employees in the U.S. and all are expected to transition to Cenveo. Labor agreements will remain in place at Envelope Products Group locations.
About MWV Consumer & Office Products
MWV Consumer & Office Products, a division of the MeadWestvaco Corporation, is the leading manufacturer and marketer of the most trusted brands in school supplies, office products, planning, and organizing tools, including Mead®, Five Star®, AT-A-GLANCE®, DayMinder®, Cambridge®, Academie®, Day Runner® and Amcal® brands, among others. MWV Consumer & Office Products produces notebooks, folders, decorative calendars, stationery products, and time management and personal organizers for every stage of life. For more information, please visit http://www.mead.com.
MeadWestvaco Corporation (NYSE:MWV - News), provides packaging solutions to many of the world’s most-admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and commercial print industries. The company's businesses also include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the company’s land holdings to support its operations, and to provide for conservation, recreation and development opportunities. With 19,000 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the seventh consecutive year. For more information, please visit http://www.mwv.com.
Cenveo (NYSE:CVO - News), headquartered in Stamford, Connecticut, is a leader in the management and distribution of print and related products and solutions. The Company provides its customers with low-cost alternatives within its core businesses of labels and forms manufacturing, packaging and publisher offerings, envelope production, and printing; supplying one-stop solutions from design through fulfillment. Cenveo delivers everyday for its customers through a network of production, fulfillment, content management, and distribution facilities across the globe. For more information, please visit http://www.cenveo.com.
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