News
MWV lowers profit expectation
MWV, formerly MeadWestvaco, has warned that its third quarter profit will come in below the 2007 figure of $121m (£69m) because of higher input costs, lower volumes in its consumer and office products business and weakening demand in some packaging markets.
The company said it was also impacted by interruptions at its production facilities in Texas and Louisiana during the hurricane season.
John A. Luke, chairman and chief executive, said: "Like many other companies, MWV must now address a particularly challenging and uncertain environment.
"Our global growth strategies and strong balance sheet are clear advantages in the face of those challenges and we will continue to leverage them to generate long-term value for our shareholders."
The company will announce its third quarter results on 29 October.
MWV employs 23,000 people across 30 countries and serves more than 100 nations. It specialises in packaging for the healthcare, beauty, food, beverage, media and home and garden industries.
