MeadWestvaco Corporation has entered into a definitive agreement to acquire the Carolina® coated bristols business from International Paper Company. Terms of the transaction were not disclosed and the transaction is expected to close by the end of April.
“This acquisition will expand our ability to serve the commercial and specialty print markets,” said Bob Feeser, executive vice president, MWV. “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 said they have agreed to a plan that will ensure minimal disruption for customers while a full and smooth transition is completed over the next several months.
Carolina is a line of coated one-side and coated two-side 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.
“We have grown our business by focusing on profitable segments of the printing market such as high end retail signage and displays, digital printing, and specialty packaging,” said Joe McNamara, president of MWV’s tobacco and commercial print businesses. “The Carolina business will be a long term strategic fit that will have considerable benefits for both MWV and our customers. We expect a seamless transition and look forward to working with customers to address their needs in the coming months and beyond.”