MeadWestvaco To Spin Off Specialty Chemicals Business - Quick Facts

(RTTNews) - Packaging company MeadWestvaco Corp (MWV) said its board of directors has approved a plan to fully separate its specialty chemicals business from the rest of the company.

The separation is expected to be executed by means of a tax-free spinoff of the specialty chemicals business to MeadWestvaco shareholders, resulting in two independent, publicly traded companies. The company expects the spinoff to be completed by the end of 2015.

MeadWestvaco said it remains open to other value-creating alternatives for the specialty chemicals business throughout this process.

MeadWestvaco noted that following the separation, it will be in an excellent position to accelerate its strategy as a global leader in packaging and packaging solutions, optimally positioned to create long-term value through its market-focused strategy.