UNITED STATES
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: July 11, 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.)
ofincorporation)
299 PARK AVENUE, NEW YORK, NEW YORK 10171
(Zip Code)
Registrant's telephone number, including area code (212) 688-5000
ITEM 5. OTHER EVENTS
Westvaco issued a news release on July 11, 2000, announcing
it completed its previously announced acquisition of IMPAC Group,
Inc., a leading global supplier of innovative packaging and
printing solutions to consumer markets including entertainment,
cosmetics and health and beauty aids. A copy of the news release
is filed as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99 News release issued by the Company on July 11, 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
Vice President and Secretary
Date: July 11, 2000
EXHIBIT INDEX
Page No.
Exhibit 99 News release issued by the Company on July 11, 2000 3
EXHIBIT 99
Media Contact: William P. Fuller III (212) 318-5250
Investor Relations Contact: Roger A. Holmes (212) 318-5288
WESTVACO COMPLETES ACQUISITION OF IMPAC GROUP, INC.
NEW YORK, NY (July 11, 2000) Westvaco Corporation (NYSE: W)
today completed its previously announced acquisition of IMPAC Group,
Inc., a leading global supplier of innovative packaging and printing
solutions to consumer markets including entertainment, cosmetics and
health and beauty aids.
"IMPAC significantly broadens our packaging solutions
capabilities, both in terms of geographic reach and product lines,"
said John A. Luke, Jr., Chairman and CEO of Westvaco. "With IMPAC,
our portfolio of paperboard packaging expands, and we add new
innovative products made from paperboard and plastic as well as
combinations of the two materials. We see many opportunities to
leverage the combined strengths of our now larger consumer packaging
business."
IMPAC is Westvaco's latest initiative to achieve growth in
global packaging. In 1999, following a strategic review, the company
created its Packaging Resources Group. In December it acquired a
modern bleached paperboard mill in Evadale, TX, and in January of
2000, acquired Mebane Packaging Group, Inc., a leading U.S. supplier
of packaging for pharmaceutical, health care and personal care
products.
IMPAC is a leading supplier to North American and European audio
and multimedia entertainment markets and the North American cosmetics
and personal care markets. Its entertainment products include
printed paper inserts for CD and DVD packaging as well as paperboard
folding cartons and a wide variety of specialty packaging for music,
home movie and video game products. Cosmetics and personal care
packaging includes paperboard, plastic and windowed folding cartons
and rigid paperboard set-up boxes. IMPAC also produces litho-
laminated fluted packaging for computer software, consumer
electronics and specialty liquors. Examples of IMPAC's proprietary
products include its globally licensed Digipak CD package and its
Klearfold plastic folding cartons that can be printed with high-
quality graphics.
IMPAC operates seven production facilities and one fulfillment
center in the United States and a total of 12 production facilities
in Austria, Ireland, The Netherlands and the United Kingdom.
Westvaco's other consumer packaging operations include eight plants
in the United States, Brazil, China and the Czech Republic and seven
additional plants in the eastern United States and Puerto Rico as
part of its Mebane operations.
IMPAC has pro forma annual revenues of approximately $332
million after adjustment for recent acquisitions. Westvaco expects
the acquisition to be immediately accretive to earnings.
Westvaco Corporation (www.westvaco.com), headquartered in New York,
NY, is a major producer of packaging, paper and specialty chemicals.
The company serves customers in more than 70 countries with
operations in the United States, South America, Asia and Europe.
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; technological developments; fluctuations in demand and changes
in production capacities; changes in 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.
