MeadWestvaco Sells Specialty Papers Business

Paper and plastic products manufacturer said Friday it has agreed to sell its specialty papers business to Onyx Specialty Papers Inc.

RICHMOND, Va. (AP) -- Paper and plastic products manufacturer MeadWestvaco Corp. said Friday it has agreed to sell its specialty papers business to Onyx Specialty Papers Inc.

Terms of the transaction were not disclosed.

The sale is expected to be completed in early December. The Richmond, Va., company said it will quit the specialty papers business after the sale is completed.

Onyx, based in South Lee, Mass., produces decorative laminate products for commercial and residential markets, transmission products for the automotive industry and other industrial specialty papers for various markets, MeadWestvaco said.

MeadWestvaco shares rose 2 cents to $24.07 in morning trading.

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