15 February 2006 – Stamford (CT): MeadWestvaco has announced it will relocate its headquarters from Connecticut to Richmond, Virginia, as it consolidates its packaging business and downsizes its consumer and office products division.
The move is expected to result in the loss of 500 jobs. About 40 of those lost will be in the consumer and OP division, which is based in Dayton, Ohio, said company spokeswoman Donna Cox.
The move is also expected to create 400 jobs in Richmond, said governor Timothy Kaine in a statement.
John Luke, the company’s chairman and CEO, said the move would consolidate key business areas and increase cost efficiencies.