MeadWestvaco Corporation (NYSE: MWV), a global leader in packaging and packaging solutions, today issued the following statement in response to Starboard Value LP (“Starboard”): MWV welcomes open communications with shareholders, values input toward our common goal of enhancing shareholder value, and will consider Starboard’s suggestions as we would if received from any other shareholder. As part of MWV’s strategic transformation, the company’s board of directors and management team have taken a number of actions that have significantly enhanced shareholder value:
- Divested more than $6 billion of non-core assets, including well-timed and creative transactions involving the company’s Printing and Writing Papers and Consumer & Office Products businesses, and most recently its U.S. forestlands;
- Returned more than $4 billion directly to shareholders through a combination of regular and special dividends, share repurchases and spin-off distributions; and
- Reduced costs and improved margins in its packaging and specialty chemicals businesses, including completed and ongoing programs that are expected to achieve more than $200 million of permanent annual savings by the end of 2015.