MeadWestvaco to close plants, take charge (600 jobs)

[UpInArms]

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=5888761

NEW YORK, Aug 5 (Reuters) - Paper and packaging maker MeadWestvaco Corp. (MWV.N: Quote, Profile, Research) said on Thursday it will consolidate its consumer and office products operations in North America and close some plants by year end as part of a previously announced two-year, $500 million restructuring.

The Stamford, Connecticut, company said it would take a pretax charge of $45 million to $50 million and eliminate about 400 jobs in its St. Joseph, Missouri, plant and 200 jobs in its Garland, Texas, facility, both of which will be closed.

In December, the company said it aimed to cut about 1,000 jobs, which was about 3.3 percent of its work force. In addition to savings from job cuts, the company also expected savings from the merger of Mead and Westvaco, which took place in 2002.

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