Governor Kaine Announces MeadWestvaco to Locate Headquarters in Greater Richmond Area

Governor Kaine Announces MeadWestvaco to Locate Headquarters in Greater Richmond Area
- Fortune 500 company will create 400 new jobs -

Governor Timothy M. Kaine today announced that MeadWestvaco Corporation (NYSE: MWV), a global packaging company, has chosen the Greater Richmond area for its corporate headquarters. The company is in the process of determining the specific location that will best meet its long-term facility needs.

Virginia successfully competed against other states for the project, which will create 400 new jobs, including executive, administrative and corporate operations positions. About 200 additional jobs currently in Chesterfield County will locate to the new facility. MeadWestvaco plans to lease temporary space in the summer of 2006 and move to permanent facilities by the summer of 2008.

"Landing a Fortune 500 company is a great way to begin a new Administration," said Governor Kaine, who met with the company's CEO during negotiations. "MeadWestvaco's successful history in the Commonwealth, its relationships with other Virginia companies and its partnership with the Port of Virginia made Virginia a strong and obvious choice."

Westvaco Corporation was founded in West Virginia in 1888 and began Virginia operations in 1900 by building a paperboard mill in Covington that remains in operation. The current company, MeadWestvaco, which provides packaging solutions and products to the world's most recognized companies in the food and beverage, media and entertainment, personal care, cosmetic and healthcare industries, is a result of the merger between The Mead Corporation and Westvaco Corporation in 2002. The company employs 22,000 people worldwide with about 2,000 current employees in Virginia. MeadWestvaco, with operations in more than 29 countries, has been selected for the Dow Jones Sustainability Indexes and manages all of its forestlands in accordance with internationally recognized forest certification standards.

"Consolidating key business areas of our corporate operations is a critical element in facilitating collaboration and increasing cost efficiencies as we execute our strategy to be the global leader in packaging," said John A. Luke, Jr., MeadWestvaco Chairman and Chief Executive Officer. "The Greater Richmond area provides an excellent venue for us to grow our business, and we look forward to contributing to the prosperity of the community."

The Virginia Economic Development Partnership (contact Christie Collins, 804.545.5805) worked with the Greater Richmond Partnership to secure the project for Virginia. The incentive package includes a $2 million Governor's Opportunity Fund award, a $4 million Virginia Economic Development Incentive Grant and training assistance through the Virginia Department of Business Assistance's Workforce Services Jobs Investment program.

"The Greater Richmond Partnership is very excited to add MeadWestvaco to the ever growing list of Fortune 1000 companies headquartered in the region," said Marjorie Connelly, Chair of the Greater Richmond Partnership. "Like the other ten Fortune companies located here, I know MeadWestvaco will find the business climate nourishing and beneficial to their long-term growth."

http://www.governor.virginia.gov/MediaRelations/newsReleases/2006/Feb06/0215.cfm