Westvaco to Acquire IMPAC Group in $500 Million Deal

Paper manufacturer Westvaco(W Quote) said Monday it had agreed to acquire specialty packaging company IMPAC Group in a deal valued at $500 million.

The deal, which includes the assumption of $294 million in debt and preferred stock, is to be completed by the summer.

"Acquiring IMPAC is another important step in support of our strategy for global expansion in high-value consumer packaging markets," said John A. Luke, Jr., chairman and chief executive of New York-based Westvaco, in a statement. "This acquisition will immediately expand our market reach since IMPAC has very little overlap with our existing customer base and geographic presence." ...