MeadWestvaco Corporation will close its folding carton plants in Richmond, VA, and Cleveland, TN, by the end of Jun…
MeadWestvaco Corporation will close its folding carton plants in Richmond, VA, and Cleveland, TN, by the end of June. The plants convert paperboard into printed packaging for consumer products using the gravure printing process and are part of MeadWestvaco’s packaging business.
The closings will result in MeadWestvaco incurring a pretax charge of approximately $9 million US, which will be taken in the first quarter. This charge is primarily associated with employee restructuring benefits and asset writedowns.
The Richmond plant employs approximately 320 people, and the Cleveland facility employs approximately 135. MeadWestvaco’s corporate operations in Richmond will not be affected by this decision.
The Richmond gravure operations were acquired by the former Westvaco Corporation from the Virginia Folding Box Company in 1957. Westvaco began operation of the Cleveland facility in 1976. Westvaco merged with The Mead Corporation in 2002 to form MeadWestvaco Corporation.
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