Business News
MWV Completes Sale of Specialty Papers Cedar Mill to Potsdam Specialty Paper, Inc.
Thursday 04. September 2008 - MeadWestvaco Corporation (NYSE: MWV) today announced it has completed the sale of its Specialty Papers Cedar mill in Potsdam, NY, to Potsdam Specialty Paper, Inc. (PSPI) on September 1, 2008. Terms of the agreement were not disclosed.
PSPI is part of an investment holding company with offices in NY, Hong Kong, and Toronto, and has the financial resources to continue growing the business, expanding the product portfolio, investing in the people and facilities, and rapidly expanding the global reach to new customers. PSPI is part of a portfolio of global businesses that focus on niche products and markets in the value added paper and coatings distribution business.
The mills current management team remains in place, and all employees transitioned to PSPI upon completion of the sale.