MeadWestvaco is to relocate its headquarters from Connecticut to Richmond, Virginia, as it consolidates its packaging business and downsizes its consumer and office products division.
The move impacts about 500 jobs in Dayton – some of those will be transferred to the new headquarters. About 40 of those jobs lost will be in the consumer and OP division.
The company will be adding about 400 jobs to its current base of 200 employees in Richmond when it moves HQ. Some of these positions will be filled by employees transferring within the company, others will be new recruits. CEO John Luke said the move would consolidate key business areas and increase cost efficiencies.
The move is designed to help the company strengthen its global position in packaging solutions.