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: December 29, 1999
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 December 29, 1999
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
December 31, 1999
EXHIBIT INDEX
Exhibit 99 - Westvaco Corporation Press Release issued
December 29, 1999
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 COMPLETES ACQUISITION OF EVADALE, TX,
BLEACHED PAPERBOARD MILL
NEW YORK, NY, December 29, 1999 - Westvaco Corporation
(NYSE:W) today completed its previously announced acquisition
of Temple-Inland Inc.'s (NYSE:TIN) bleached paperboard mill
in Evadale, TX.
"We are excited to have the Evadale mill join our Packaging
Resources Group," said John A. Luke, Jr., Westvaco Chairman
and CEO. "This acquisition not only further enhances our
scale and focus in global packaging markets, it also has
compelling financial considerations. The mill will be
accretive to our earnings and cash flow within the first year
of our ownership, and we expect annual synergies and cost
savings to reach a pretax total of at least $100 million
within three years."
With 670,000 tons of annual production capacity, the Evadale
mill increases Westvaco's total bleached paperboard capacity
to 1.6 million tons. The increase strengthens Westvaco's
position as the second largest bleached board producer in the
world. At its mill in Covington, VA, Westvaco produces
Printkote bleached paperboard used to package beverages,
confections, cosmetics, food, consumer electronics,
pharmaceuticals and tobacco, as well as for commercial
printing applications. The Evadale mill expands Westvaco's
participation in packaging and commercial printing markets
while adding business in food service, greeting cards and
office supplies. The transaction also includes an off-site
bleached paperboard extrusion coating plant as well as a long-
term wood supply contract with
Temple-Inland.
In September, as a result of a strategic review, Westvaco
announced that it would create a platform for growth in
global packaging markets by combining its packaging-related
businesses into a single unit. The Evadale mill was the first
of two significant acquisitions announced for the company's
new Packaging Resources Group. The second acquisition,
Mebane Packaging Group, is scheduled to close early in 2000.
With seven plants in the eastern United States and Puerto
Rico, Mebane is a leading supplier of packaging for
pharmaceutical products and personal care items with annual
sales of $130 million. Westvaco currently operates eight
consumer packaging plants.
Westvaco Corporation (www.westvaco.com), headquartered in New
York, NY, is a major producer of paper, packaging and
specialty chemicals with annual sales of $2.8 billion. The
company derives 24 percent of its revenues from international
sales 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 timberland 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.
