STAMFORD, CONNECTICUT - MeadWestvaco Corporation said Wednesday it agreed to sell an Alabama mill, plants and timberlands to Smurfit-Stone Container Corporation for $375 million as it concentrates on its main paper and packaging businesses. <br>
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The Stevenson mill is part of MeadWestvaco's Containerboard Division, headquartered in Atlanta, which employs 1,200 people. <br>
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The sale also includes seven container plants and 82,000 acres of timberlands. <br>
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The transaction, expected to close later this year, is part of restructuring efforts which followed the January merger of Mead Corporation and Westvaco Corporation that created MeadWestvaco. <br>
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Stamford, Connecticut-based Westvaco said proceeds from the sale will be used to reduce debt.
