MeadWestvaco cutting about 550 jobs worldwide

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News,Business

RICHMOND, Va. (AP) — Packaging company MeadWestvaco Corp. says it is eliminating about 550 jobs as part of a previously announced cost-cutting program.

The company said Tuesday that about 125 of those positions are in its headquarters city of Richmond. It employs about 16,000 people at 125 facilities in North America, South America, Europe and Asia.

In January, MeadWestvaco announced it was starting a cost-cutting program that is expected to help it achieve annual pre-tax cost savings of $100 million to $125 million by the end of 2015.

The Richmond Times-Dispatch reports (http://bit.ly/1hc7MzB) that the company is offering severance and outplacement services to affected employees.

MeadWestvaco also announced this week that James Buzzard is no longer serving as the company's president. He will remain an employee until the end of March.

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Information

from: Richmond Times-Dispatch, http://www.timesdispatch.com

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