The packaging company has a new activist investment from Starboard Value, which took a 5.6% stake in MeadWestvaco.
Cramer said this "remarkable company" has valuable assets that can be unlocked by management, such as real estate and different businesses -- like its chemical division.
While Cramer did not necessarily agree with Starboard's $59 per share value for MeadWestvaco, he did agree that "it makes a ton of sense" to spin off certain assets.
The move could save the company roughly $700 million. Cramer added that the unit has been a "black hole" for the company.
If Broadcom starts to focus on profitability, the stock is "indeed worth a lot," he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.
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