MeadWestvaco Corporation recently reported year-over-year sales growth and improved business segment profits for the second quarter ended June 30, 2010. The strong performance reflects the company’s continued execution of strategies to generate higher shareholder returns, including growing profitably in attractive global packaging and other markets, reducing overhead costs and improving the overall operating productivity of its manufacturing facilities and supply chain. Combined operating profit from the company’s business segments increased 45 percent to $178 million in the second quarter of 2010 compared to $123 million in the second quarter of 2009. All of the company’s businesses contributed to the yearover-year improvement, with strong profit increases from the Packaging Resources and Specialty Chemicals segments.
"MWV’s performance record shows that momentum from our strategies is building across our businesses and delivering strong results," said John A. Luke, Jr., chairman and chief executive officer. "In what remains a difficult environment, we are continuing to increase the fundamental profitability levels of our businesses. Key elements of our success continue to be a balanced focus on executing profitable growth initiatives in global packaging markets and improving our cost structure and operating productivity. These strategies have delivered strong results in a challenging global economic environment and we expect them to have a more pronounced bottomline impact when the economy recovers."
