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Stock Market & Financial Investment News

News Breaks
January 15, 2014
07:32 EDTMWVMeadWestvaco announces new cost savings program
MeadWestvaco announced a new program to generate increased earnings and cash flow from its packaging businesses. The program is expected to deliver annual pre-tax cost savings of $100M-$125M by the end of 2015, with at least $75M expected to be realized in 2014. Key elements of the program include: Implementing a leaner organization design across the packaging businesses to simplify the structure and speed decision making; Aligning the corporate infrastructure to the revenue base; Reassessing participation to focus on business lines and markets within packaging that provide the greatest opportunity for profitable growth; Prioritizing capital on the highest return projects to improve free cash flow. The program savings are in addition to MWVs previously announced overhead reduction actions targeting $75M-$80M by the end of 2014. Total combined annual cost savings from the two programs is expected to reach more than $200M by the end of 2015, with at least an additional $75M expected in 2014 from the new program. Free cash flow (cash flow after capital expenditures) is expected to increase by at least $100M in 2014 from higher expected after-tax earnings and a $50M reduction in capital expenditures to approximately $350M. By the end of 2015, MWV expects to have significantly improved the EBITDA margins of the Food & Beverage and Home, Health & Beauty packaging segments. Industrial Packaging, after initial start-up costs associated with the expansion of the Tres Barras mill in Brazil, is performing well and is expected to achieve EBITDA margins of at least 25 percent by the end of 2014. MWV has already begun implementing key components of the program, which the company began formulating in connection with the sale of its forestland assets to Plum Creek Timber Company.
News For MWV From The Last 14 Days
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March 31, 2015
09:28 EDTMWVInternational Paper agrees to sell Carolina coated bristols brand
International Paper (IP) announced it has reached a definitive agreement with MeadWestvaco (MWV) to sell the Carolina coated bristols brand. The sale is expected to close April 30, 2015. Terms of the sale were not disclosed. International Paper's decision to sell the Carolina brand was a result of its plans to convert the Riegelwood N.C., Mill to 100 percent fluff and softwood pulp production, thereby eliminating the manufacturing capability to produce the brand.
09:26 EDTMWVMeadWestvaco to acquire Carolina business from International Paper
MeadWestvaco (MWV) announced that it has entered into a definitive agreement to acquire the Carolina coated bristols business from International Paper Company (IP). Terms of the transaction were not disclosed and the transaction is expected to close by the end of April. "We expect significant operational improvements when we integrate this business into our existing mill system, said MeadWestvaco.
March 20, 2015
08:35 EDTMWVMeadWestvaco, RockTenn announce executive management team for combined company
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08:34 EDTMWVMeadWestvaco, RockTenn announce executive team for combined company
MeadWestvaco (MWV) and Rock-Tenn (RKT) announced the executive leadership team for the combined company following the completion of the transaction. As previously announced, Steve Voorhees will serve as the new companys CEO and John Luke will be non-executive chairman of the board. The executive leadership team announced today includes: Nina Butler, chief sustainability officer; Ward Dickson, chief financial officer; Pete Durette, chief strategy officer; Jennifer Graham-Johnson, chief human resources officer; Linda Schreiner, chief integration officer. The transaction remains on track to close in Q2 and is subject to shareholder approvals of both MWV and RockTenn, certain regulatory approvals and other customary closing conditions.

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