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: January 7, 2000
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)
Registrant's telephone number, including area code
(212) 688-5000
Item 5. Other Events.
See Exhibit 99 to this Form 8-K
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(c) Exhibits.
Exhibit 99 Westvaco Corporation
Press Release issued January 7, 2000
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
By
John W. Hetherington
Secretary and Assistant General Counsel
January 10, 2000
EXHIBIT INDEX
Page No.
Exhibit 99 - Westvaco Corporation Press Release issued
January 7, 2000
EXHIBIT 99
Media Contacts: Investor Relations Contact:
William P. Fuller III Roger A. Holmes
(212) 318-5250 (212) 318-5288
Donna N. Bodden
(212) 318-5258
FOR IMMEDIATE RELEASE:
WESTVACO CORPORATION COMPLETES ACQUISITION OF MEBANE PACKAGING
NEW YORK, NY, January 7, 2000 - Westvaco Corporation (NYSE: W)
today completed its previously announced acquisition of Mebane
Packaging Group, a leading supplier of packaging for
pharmaceutical products and personal care items, based in
Mebane, NC.
"This acquisition is an outstanding strategic fit for Westvaco
because it complements our existing consumer packaging
operations and positions us for faster growth in premium market
segments," said John A. Luke, Jr., Chairman and CEO.
"Pharmaceutical and personal care markets are particularly
attractive to us because of their size and growth potential.
Mebane is a leading domestic supplier to major multinational
companies in those market segments and also participates in
markets for high-end media and promotional packaging."
The acquisition significantly expands Westvaco's customer base.
Mebane operates seven plants in the eastern United States and
Puerto Rico. Prior to the acquisition, Westvaco operated eight
consumer packaging plants in the United States, Brazil and the
Czech Republic. These plants produce packaging for beverage,
confectionery, electronic, food, personal care, pharmaceutical
and tobacco products. Mebane's annual sales total about $130
million, and Westvaco expects the acquisition to be accretive to
its earnings within two years.
As a result of a strategic review conducted in 1999, Westvaco
combined its packaging-related businesses into a single unit
called the Packaging Resources Group (PRG), noting that the new
structure provides a platform for both internal and external
growth. Mebane is the second addition to the PRG. In late
December, Westvaco completed the acquisition of Temple-Inland
Inc.'s bleached paperboard mill in Evadale, TX.
Westvaco Corporation (www.westvaco.com), headquartered in New
York, NY, is a major producer of paper, packaging and specialty
chemicals. Fiscal year 1999 sales totaled $2.8 billion of which
24 percent was derived from international business involving
customers in more than 70 countries. Westvaco's assets include
wholly owned operations in the United States, Brazil, the Czech
Republic, a joint venture in China and 1.45 million acres of
forestland in the United States and Brazil.
Certain statements in this document and elsewhere by management
of the company that are neither reported financial results nor
other historical information are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform
Act of 1995. Such information includes, without limitation, the
business outlook, assessment of market conditions, anticipated
financial and operating results, strategies, future plans,
contingencies and contemplated transactions of the company.
Such forward-looking statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties and other factors which may cause or contribute to
actual results of company operations, or the performance or
achievements of the company, or industry results, to differ
materially from those expressed, or implied by the forward-
looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere herein,
risks, uncertainties and other factors that could cause or
contribute to actual results differing materially from those
expressed in or implied by the forward-looking statements
include, but are not limited to, competitive pricing for the
company?s products; changes in raw materials, energy and other
costs; impact of Year 2000 issues; fluctuations in demand and
changes in production capacities; changes to economic growth in
the U.S. and international economies, especially in Asia and
Brazil; government policies and regulations, including but not
limited to those affecting the environment and the tobacco
industry; and currency movements.
