MeadWestvaco plans to acquire brand from International Paper Co.
Richmond-based MeadWestvaco (MWV) said Tuesday it plans to acquire the Carolina brand from International Paper Co. in April. Terms of the transaction with the Memphis, Tenn.-based company were not disclosed.
Carolina is a line of paperboard that is used for retail signage, brochures, lottery tickets, and game and greeting cards.
“This acquisition will expand our ability to serve the commercial and specialty print markets,” Bob Feeser, executive vice president, MWV, said in a statement . “We are excited to bring Carolina into our business and enhance our offerings for customers in this important market segment. In addition, we expect significant operational improvements when we integrate this business into our existing mill system.”
MWV and International Paper expect minimal disruption for customers while the transition is completed over the next several months.
The Richmond-based company also is merging with Georgia-based Rock-Tenn Co. in a $6 billion deal. The merger, announced in January, is expected to be completed in the second quarter.