Westvaco-Mead merger approved

Shareholders for 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,” Mead Chairman Jerry Tatar said.

The company will be named MeadWestvaco, 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 firm 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.

Donna Cox, spokesperson for Westvaco here, said she doesn’t know how the merger will affect the Charleston, S.C., mill or any of its operations.

“The question most often asked is what this means for jobs … in the Charleston area,” she said.

She said local management is enthused about the merger despite the uncertainties of any potential job cuts.

Westvaco operates a paper mill, chemical division, research center, saw mill and forestry division in the Charleston area that employ about 1,800 people. It also has major timber holdings throughout South Carolina.