| MeadWestvaco reaches pact to
sell off New England forestland
October 1, 2003 Reuters/Forbes.com New York, NY - MeadWestvaco Corp. (nyse: MWV - news - people) on Wednesday said it reached agreement to sell 629,000 acres of forestland for $200 per acre to help it reduce debt. The agreement to sell forestland in Maine and New Hampshire to Wagner Forest Management will be finalized before the end of the year. Wagner Forest Management said it has a 50-year agreement to supply wood to MeadWestvaco's Rumford, Maine, mill. MeadWestvaco, based in Stamford, Connecticut, is in discussions to sell about 10,000 acres of key conservation properties in Maine, as part of its strategy to reduce New England landholdings to 1.8 million acres from 3.2 million acres. Copyright 2003 Reuters News Service |