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November 11, 2005
By: TOM BRANNA
Editor
MeadWestvaco Corp. has agreed to sell its Stevenson, AL, corrugating medium mill and related assets to Smurfit-Stone Container Corp. for approximately $375 million. This includes seven container plants and 82,000 acres of timberlands. The plant was formerly a part of MeadWestvaco’s Containerboard division. “This transaction reflects our intent to move quickly to address our strategic priorities and sharpen our focus on higher value markets,” said president and chief executive officer John A. Luke, Jr. “Going forward, we must focus our attention and our capital on businesses with leading market positions that can generate long-term value to our shareholders.” The company plans to use proceeds from the sale to pay down debt.
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