Mead and Westvaco Complete Merger Creating Strong Global Organization - Jan 30, 2002 - 10:00:00 AM

STAMFORD, CT¿ January 30, 2002 ¿ The Mead Corporation (formerly NYSE: MEA) and Westvaco Corporation (formerly NYSE: W) today announced the completion of a merger of equals. MeadWestvaco Corporation will trade under the ticker symbol MWV on the New York Stock Exchange. The merger was announced on August 29, 2001, and was approved by the shareholders of both companies on January 28, 2002.
MeadWestvaco has approximately $8 billion in annual revenues and exceptional global platforms in the company's four core businesses ¿ packaging, coated and specialty papers, consumer and office products, and specialty chemicals.
"With MeadWestvaco, we are creating an exceptional new company," said Jerry Tatar, Chairman. "We have leading positions in our core businesses, a value-added orientation for our business portfolio, world-class assets and a highly modern and efficient infrastructure."
John A. Luke, Jr., President and Chief Executive Officer, added, "With this combination and the powerful businesses it creates, we are well positioned to deliver higher returns to shareholders. Our plan to achieve $325 million in synergies is just the first step toward this goal."
The Board of Directors of MeadWestvaco consists of equal representation from Mead and Westvaco. The Board members are: John G. Breen, Michael E. Campbell, Dr. Thomas W. Cole, Jr., Duane E. Collins, David F. D'Alessandro, William E. Hoglund, James G. Kaiser, Richard B. Kelson, John A. Krol, Susan J. Kropf, Douglas S. Luke, John A. Luke, Jr., Robert C. McCormack, Lee J. Styslinger, Jr., Jerome F. Tatar, Jane L. Warner, J. Lawrence Wilson and Richard A. Zimmerman.
MeadWestvaco Corporation, headquartered in Stamford, CT, has annual sales of $8 billion and is a leading global producer of packaging, coated and specialty papers, consumer and office products, and specialty chemicals. MeadWestvaco operates in 33 countries, serves customers in approximately 100 nations, and employs more than 30,000 people worldwide. Using sustainable forestry practices, MeadWestvaco manages 3.5 million acres of forests. For more information about MeadWestvaco, visit the company's web site, www.meadwestvaco.com.