RICHMOND, Va. (AP) — MeadWestvaco, which makes paper and plastic products, says it will lay off some 2,000 employees or about 10 percent of its work force as it accelerates cost cutting this year.
Also, MeadWestvaco Corp. says it will close or "restructure" 12 to 14 production facilities for $25 million in pretax savings this year and cut various expenses for another $100 million in pretax savings this year.
The company is struggling with sharply lower demand for its consumer packaging and office products.
Richmond, Va.-based MeadWestvaco was created in a 2002 merger of Dayton, Ohio's Mead Corp. and Westvaco Corp., which was founded in West Virginia. The company's consumer and office products division is still based in the Dayton area.