Mead, Westvaco shareholders approve merger

DAYTON, Ohio – Shareholders of Mead Corp. and Westvaco Corp. on Monday approved a merger of the two midsize paper companies that is designed to create a more formidable global competitor.

More than 81 percent of outstanding shares of Westvaco stock and about 78 percent of Mead shares were cast in favor of the deal.

“We are excited about the vote and expect to complete the merger tomorrow afternoon,” said Mead Chairman Jerry Tatar, whose company has a mill in Rumford, Maine.

The combined company will be named MeadWestvaco and be based in Stamford, Conn. It will focus on packaging, coated and specialty papers, consumer and office products and specialty chemicals. Executives say it will be the sixth or seventh largest company in the industry, with $8 billion in annual revenues and about 30,000 employees.

The companies announced plans for the merger in August.

The deal is expected to result in job cuts, but the companies have not specified a number. Mead employs 15,000 workers worldwide.