SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: March 6, 1998
WESTVACO CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-3013 13-1466285
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
299 PARK AVENUE, NEW YORK, NEW YORK 10171
(Address of principal executive offices) (Zip Code)
(212) 688-5000
Registrant's telephone number
ITEM 5. OTHER EVENTS
The following news release was issued March 5, 1998:
WESTVACO ENVELOPE DIVISION EMPLOYEES RATIFY NEW CONTRACT
NEW YORK, NY, March 5, 1998 -- Employees at six Westvaco Envelope
Division locations today ratified a new three-year contract,
ending a strike that began at midnight on February 4. The
striking employees are scheduled to return to work on Friday,
March 6.
The strike involved Envelope Division plants in Atlanta, GA;
Dallas, TX; Enfield, CT; Indianapolis, IN; Kenosha, WI; and
Springfield, MA. Envelope Division plants in Los Angeles, CA,
and Williamsburg, PA, the division's eight regional print centers
and its Western Service Center in Sparks, NV, were not affected
by the job action.
"We are pleased with the contract ratification and welcome
our employees back to work," said Richard J. Smith, Westvaco Vice
President and Envelope Division Manager. "It is time to put this
experience behind us and focus together on delivering the highest
quality products and services to our customers."
The contract accepted by the union is similar to a contract
offer made on February 4 and rejected on February 9. Salary
provisions and language allowing random drug testing of all
employees were not changed. Contract modifications included
changes in language about overtime and the addition of a retiree
life insurance policy for new employees in exchange for
eliminating retiree medical insurance for new employees.
Mr. Smith said that during the strike the division supported
its customers by operating the affected plants with supervisory
and salaried personnel and by increasing production at the
facilities not involved in the job action.
Negotiations on a new contract began early last September.
The old agreement expired on September 30, but employees
continued to work under the old agreement until the strike began.
The 840 hourly workers at the six locations are represented by
the United Paper Workers International Union.
Headquartered in New York, NY, Westvaco is a major producer
of paper, envelopes, packaging and specialty chemicals. The
company owns 1.5 million acres of timberlands in the United
States and Brazil and has manufacturing facilities in those two
countries as well as the Czech Republic. International business
accounts for approximately 25 percent of Westvaco's annual sales
and the company has customers in more than 70 countries.
Westvaco's Envelope Division is headquartered in Springfield,
MA. The division makes envelopes for business, direct mail and
personal uses and is one of the largest manufacturers of
envelopes in the world.
Additional comments not included in the news release:
The strike will have an adverse effect on earnings for the second quarter of
1998. While the company currently estimates the strike will reduce earnings
by a range of $0.05 to $0.07 per share (basic and diluted), the full impact
cannot be determined until normal operations are restored.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
WESTVACO CORPORATION
Dated: March 6, 1998
By
/s/John W. Hetherington
Vice President, Assistant
General Counsel and
Secretary
