MWV Announces Completion of the Purchase of the Carolina® Business from International Paper

MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions, today announced the completion of the previously announced agreement with International Paper (NYSE: IP) to acquire the Carolina® coated bristols business. There were no manufacturing assets included in the purchase. Terms of the transaction were not disclosed. MWV operates a plant in Charleston, SC.

MWV and International Paper have agreed to a plan that will ensure minimal disruption for customers while a full and smooth transition is completed. That plan includes IP continuing to manufacture Carolina for MWV until the transition is complete in the fourth quarter of 2015.

Carolina is a line of coated one-sided and coated two-sided solid bleached sulfate paperboard that is available in a range of sizes, calipers and specifications for use in offset and digital printing end use applications such as direct mail, retail signage, brochures, lottery tickets, game and greeting cards. As with MWV’s Tango® business, Carolina has long been associated with providing high quality print fidelity and image reproduction for these applications.