Displaying items by tag: MWV

Ingevity will be the new name of MWV Specialty Chemicals division of WestRock Company (NYSE:WRK). It will begin transacting business as Ingevity on September 1. As previously announced, the business is slated to be spun off as an independent, publicly-traded company around the end of the year.

"Ingevity is a unique expression of our purpose - to turn our customers' complex challenges into powerful possibilities," said Ed Rose, president, MWV Specialty Chemicals. "The name speaks to our longstanding record of success and commitment to serving our customers through innovative products, processes and services. Our announcement is the first step in a comprehensive plan to launch our brand, and define our future as a separate and independent company that will be better positioned to profitably grow in our targeted markets."

The Specialty Chemicals division develops and delivers high performance chemicals and materials that make a real difference in the real world - enabling oil to flow better, colors to shine brighter, roads to last longer and air to breathe cleaner. With a history of innovation spanning over 100 years, the division generates industry leading returns by exceeding the performance expectations of its customers across the mega-trend aligned markets of energy, infrastructure and transportation.

The separation is expected to be executed by means of a tax-free spinoff of the Specialty Chemicals business to shareholders of WestRock Company, resulting in two independent, publicly traded companies.The spinoff is expected to be completed around the end of the calendar year, subject to customary conditions. There can be no assurance regarding the ultimate timing of the spinoff or that it will be completed. 

About WestRock

WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock's 42,000 team members support customers around the world from approximately 275 operating and business locations spanning North America, South America, Europe and Asia. Learn more at westrock.com.

Transaction Expected to Close on July 1, 2015

Rock-Tenn Company (RockTenn) (NYSE:RKT) and MeadWestvaco Corporation (MWV) (NYSE:MWV) have announced that shareholders of RockTenn and stockholders of MWV overwhelmingly approved the proposed combination of the two packaging companies into WestRock Company (WestRock) at their respective special meetings held earlier on wednesday 24th July 2015.

At the RockTenn special meeting, more than 97% of the shares voted "FOR" the proposal to approve the business combination agreement, representing approximately 80% of the total shares outstanding as of the record date. At the MWV special meeting, 98% of the shares voted "FOR" the proposal to approve the adoption of the business combination agreement, representing approximately 83% of the total shares outstanding as of the record date. RockTenn shareholders and MWV stockholders also approved the other proposals considered at their respective special meetings.

RockTenn and MWV have now received all necessary approvals and expect the transaction to close on July 1, 2015. The parties expect that WestRock will begin "regular-way" trading, and RockTenn and MWV will be delisted from the NYSE on July 2, 2015.

About WestRock

WestRock Company aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock's 42,000 team members will support customers around the world from 275 operating and business locations spanning North America, South America, Europe and Asia. WestRock will trade on the NYSE under the ticker symbol WRK.

RockTenn Contact:

Investor Contact:
John Stakel
Senior Vice President, Treasurer
678-291-7901
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MWV Contact:

Investor Contact:
Jason Thompson
Director, Investor Relations
804-444-2556
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Source: Rock-Tenn Company

MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions announced its preference for purchasing certified wood – specifically wood that is certified under the American Tree Farm System® (ATFS).

MWV has a long standing commitment to sustainable forest management. The company certifies its forestlands under the Sustainable Forestry Initiative® (SFI) and also purchases wood fiber from responsible third-party suppliers. Forest certification and promoting markets for certified fiber is one way MWV demonstrates its commitment to sustainable forest management.

MWV’s commitment is also visible in its corporate sustainability goals, which include a specific goal of increasing the amount of certified fiber used across MWV’s global manufacturing operations. Within the United States, the source of fiber for these facilities is primarily non-industrial, privately-owned forestland and fiber from well-managed family forests; a vitally important component of this program. The American Tree Farm System provides the mechanism to increase certified fiber from family forests.

The American Tree Farm System represents more than 89,000 family forest owners who sustainably manage 27 million acres of forestland in the United States. It is the largest and oldest forest management system in the United States and is a program of the American Forest Foundation. Along with the Sustainable Forestry Initiative^® program, the ATFS standard has been endorsed under the Programme for the Endorsement of Forest Certification, a global program that recognizes excellence in sustainable forest management.

“MWV has a long history of working with the American Tree Farm System. We were the first company to group certify our landowner assistance program to the ATFS standard and our announcement today reaffirms our commitment to the program and to the value for our business and our customers, of securing certified fiber from family forest owners,” said Jim Buzzard, president, MWV and American Forest Foundation Board member.

MWV supplies packaging and packaging solutions to the world’s most admired brands. For wood fiber based packaging, MWV and its customers demand assurance that the fiber used in manufacturing is sourced responsibly. Forest certification programs are an important aspect of providing the sustainability assurance required.

“MWV supports multiple forest certification systems worldwide and we implement the system that can provide an economic, sustainable supply of paperboard for our customers. In the United States, our forestlands are certified under the Sustainable Forestry Initiative but the great majority of wood used to manufacture MWV products comes from privately owned, family forests. Sustainability is deeply embedded in our culture, and we routinely search for ways to improve our own performance. Our relationship with both the Sustainable Forestry Initiative and the American Tree Farm System are very important to our overall sustainability objectives,” said Bob Feeser, senior vice president, MWV Packaging.

MWV’s preference for certified wood, including American Tree Farm System, will be implemented through a number of measures, including:

• Priority Markets – the company will maintain a priority market for certified wood over non-certified wood.
• Supporting expansion of the American Tree Farm System – the company will expand its current landowner assistance system by promoting ATFS certification, including group certification.
• Chain of custody – the company tracks certified wood and uses this information to develop programs to increase certified furnish.