The 2020 Mid-Year Economic Update_long

MeadWestvaco Announces Elimination of 2,000 Positions

MeadWestvaco Corp., Richmond, VA, will be taking broad actions to address current economic challenges, including eliminating 2,000 positions - about 10% of its workforce - by the end of the year. The manufacturer of packaging products also will close or restructure 12 to 14 manufacturing locations and reducing overhead expenses.
 
 We have been taking aggressive steps over the past several months to help ensure we perform in today's uncertain environment, and are poised to take advantage of the stronger, more stable periods that are sure to come, said John A. Luke, Jr., CEO.
 
MWV will generate overhead savings through corporate and business staff reductions worldwide, lower discretionary spending, and a decrease in ...

MeadWestvaco Corp., Richmond, VA, will be taking broad actions to address current economic challenges, including eliminating 2,000 positions – about 10% of its workforce – by the end of the year. The manufacturer of packaging products also will close or restructure 12 to 14 manufacturing locations and reducing overhead expenses.
 
 We have been taking aggressive steps over the past several months to help ensure we perform in today’s uncertain environment, and are poised to take advantage of the stronger, more stable periods that are sure to come, said John A. Luke, Jr., CEO.
 
MWV will generate overhead savings through corporate and business staff reductions worldwide, lower discretionary spending, and a decrease in non-manufacturing related expenses. In addition, the company will not provide 2009 pay increases for salaried employees. The company has also implemented salaried workforce reductions at its Sidney, New York, Consumer & Office Products facility.
 
The manufacturing-related reductions will include savings from facility restructurings and closures, including the previously announced closure of packaging converting operations in Grover, North Carolina; and in Drunen and Uden, The Netherlands.

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