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MeadWestvaco sells paper business

For a sum of $2.3 billion, MeadWestvaco Corporation is selling its papers business and associated assets to a new c…

For a sum of $2.3 billion, MeadWestvaco Corporation is selling its papers business and associated assets to a new company controlled by Cerberus Capital Management L.P., a private, New York-based investment firm.

MeadWestvaco entered the agreement with the intention of creating a more focused company, while paying down its debt. The sale is expected to be complete by the second quarter of 2005.