24 July 2006 — Richmond (VA): MeadWestvaco has warned that its Q2 operating income is expected to fall by approximately 50 percent compared to the same quarter in 2005.
Q2 results have been adversely affected by the June northeast floods which closed the company’s Sidney, New York, office for three days and customers shifting their order patterns to later in the year.
John Luke, chairman and CEO, said: "The northeast floods, which were tragic for many of our employees, compounded the accelerating dynamic of key back-to-school and office product customers shifting their orders closer to peak seasonal sell-through times."
