MWV Specialty Chemicals, a division of MeadWestvaco Corporation (NYSE: MWV), announced the completion of the purchase of Resitec Industria Quimica, Ltda., a Brazilian company that serves the Latin American Pine Chemicals industry. The transaction was completed on Dec. 11, 2012, following government approvals. Financial results for Resitec will now be reported as part of MWV’s Specialty Chemicals division.
With approximately 115 employees, Resitec currently provides chemical products for the rubber, lubricants, food and adhesives markets. Its operations include a manufacturing facility located in the city of Duque de Caxias, Rio de Janeiro, an administrative office located in Barra da Tijuca, Rio de Janeiro, and a tall oil refinery in the city of Palmeira, Santa Catarina, Brazil.
“We welcome our new colleagues to MWV,” said Ed Rose, president, MWV Specialty Chemicals. “This acquisition reinforces our commitment to the specialty chemicals market in Brazil and in Latin America.”
Under the terms of the transaction, Resitec employees will become employees of MWV Industria Quimica, Ltda. MWV will make investments in Brazil to continue to provide innovations and market response expertise for rubber, lubricants, food, and adhesives markets, as well as new markets, including asphalt and oilfield.About MWV MeadWestvaco Corporation (NYSE: MWV) is a global packaging company providing innovative solutions to the world’s most admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, tobacco, and agricultural industries. The company also produces specialty chemicals for the automotive, energy, and infrastructure industries and maximizes the value of its land holdings through forestry operations, property development and land sales. MWV’s network of 125 facilities and 16,000 employees spans North America, South America, Europe and Asia. The company has been recognized for financial performance and environmental stewardship with a place on the Dow Jones Sustainability World Index every year since 2005. Learn more at www.mwv.com. Forward-looking Statements 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 each 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 or implied for the forward-looking statements include, but are not limited to, events or circumstances which affect the ability of MeadWestvaco to realize improvements in operating earnings from the company's ongoing cost reduction initiatives; the ability of MeadWestvaco to close announced and pending transactions, competitive pricing for the company's products; impact from inflation on raw materials, energy and other costs; fluctuations in demand and changes in production capacities; relative growth or decline in the United States and international economies; government policies and regulations, including, but not limited to those affecting the environment, climate change, tax policies and the tobacco industry; the company's continued ability to reach agreement with its unionized employees on collective bargaining agreements; the company's ability to execute its plans to divest or otherwise realize the greater value associated with its land holdings; adverse results in current or future litigation; currency movements; volatility and further deterioration of the capital markets; and other risk factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2011, and in other filings made from time to time with the SEC. MeadWestvaco undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised, however, to consult any further disclosures made on related subjects in the company's reports filed with the SEC.