MeadWestvaco Corporation (MWV) (NYSE: MWV) and Rock-Tenn Company
(RockTenn) (NYSE: RKT) announced the executive leadership team for
the combined company following the completion of the transaction.
As previously announced, Steve Voorhees will serve as the new
company’s chief executive officer and John Luke will be
non-executive chairman of the board.
“The announcement of our executive leadership team marks an
important milestone in the merging of our companies,” said
Voorhees, chief executive officer of RockTenn. “I am confident that
this is the right team with the right expertise to execute our core
strategies to succeed in paper and packaging markets and to create
significant value for our shareholders.”
“Together, MWV and RockTenn are creating the premier global
packaging company, unrivaled in terms of capabilities, customers
and reach,” said Luke, chairman and chief executive officer of MWV.
“We have drawn from the best talent of each company to build a
leadership team that is unmatched in the industry, with the
commercial, operational and financial expertise to drive our
business forward and generate substantial shareholder value.”
The executive leadership team announced today includes:
- Bob Beckler, president, Packaging
Solutions
- Nina Butler, chief sustainability
officer
- Ward Dickson, chief financial
officer
- Pete Durette, chief strategy
officer
- Jennifer Graham-Johnson, chief human
resources officer
- Bob McIntosh, general counsel
- Jim Porter, president, Paper
Solutions
- Linda Schreiner, chief integration
officer
Ed Rose, president, Specialty Chemicals, and Ken Seeger,
president, Community Development and Land Management, will continue
in their current leadership roles and report to Voorhees.
The transaction remains on track to close in the second calendar
quarter of 2015 and is subject to shareholder approvals of both MWV
and RockTenn, certain regulatory approvals and other customary
closing conditions.
Bob Beckler, president, Packaging Solutions, is currently
executive vice president, MWV, and president of packaging. Since
joining MWV in 1987, Beckler has held a variety of roles in
research, business development and leadership across specialty
chemicals, industrial packaging and the company’s core packaging
business.
Nina Butler, chief sustainability officer, is currently
senior vice president and senior environmental counsel, RockTenn.
Butler joined RockTenn in 2011 with the acquisition of
Smurfit-Stone, where she served as senior environmental
counsel.
Ward Dickson, chief financial officer, is currently
executive vice president and chief financial officer, RockTenn.
Prior to joining RockTenn in 2013, he served as senior vice
president of finance for the global sales and service organization
of Cisco Systems.
Pete Durette, chief strategy officer, is currently senior
vice president of strategy, MWV, and leader of the Home, Health
& Beauty segment. Since joining MWV as vice president and chief
strategy officer in 2009, Durette has helped reshape the company’s
portfolio, leading many of its major growth initiatives and
investments. Prior to joining MWV, Durette was with Textron, Inc.
and Marakon Associates.
Jennifer Graham-Johnson, chief human resources officer,
is currently executive vice president, human resources, RockTenn.
Graham-Johnson joined RockTenn in 1993 in risk management and has
since served in a variety of leadership roles for the company,
including director of benefits and senior vice president, employee
services.
Bob McIntosh, general counsel, is currently executive
vice president, general counsel and secretary, RockTenn. He was
senior vice president, general counsel and secretary from 2000 to
2008, and vice president and general counsel from 1995 to 1999.
Jim Porter, president, Paper Solutions, is currently in
the same role at RockTenn, leading the company’s containerboard,
paperboard and pulp mills, as well as the forest resources
organization, recycling business and sales of containerboard,
paperboard, recycled fiber and pulp. Previously, Porter served as
president of corrugated packaging. Porter joined RockTenn in 2008
with the acquisition of Southern Container Corp., where he was
president and chief operating officer.
Linda Schreiner, chief integration officer, is currently
senior vice president, human resources, communications and the MWV
Foundation, MWV. Schreiner oversees organization strategy and
development, talent management and total rewards for MWV’s global
workforce. Prior to MWV, Schreiner was with Arthur D. Little and
Signet Bank.
About RockTenn
RockTenn (NYSE: RKT) is one of North America's leading providers
of packaging solutions and manufacturers of containerboard and
paperboard. RockTenn's 27,000 employees are committed to exceeding
their customers' expectations – every time. The company operates
locations in the United States, Canada, Mexico, Chile and
Argentina. For more information, visit www.rocktenn.com.
About MWV
MeadWestvaco Corporation (NYSE: MWV) is a global packaging
company providing innovative solutions to the world’s most admired
brands in the healthcare, beauty and personal care, food, beverage,
home and garden, tobacco, and agricultural industries. The company
also produces specialty chemicals for the automotive, energy, and
infrastructure industries and maximizes the value of its
development land holdings. MWV’s network of 125 facilities and
15,000 employees spans North America, South America, Europe and
Asia. Learn more at www.mwv.com.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words or
phrases such as “may,” “will,” “could,” “should,” “would,”
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” “target,” “prospects,” “potential” and “forecast,” and
other words, terms and phrases of similar meaning. Forward-looking
statements involve estimates, expectations, projections, goals,
forecasts, assumptions, risks and uncertainties. RockTenn and MWV
caution readers that any forward-looking statement is not a
guarantee of future performance and that actual results could
differ materially from those contained in the forward-looking
statement. Such forward-looking statements include, but are not
limited to, statements regarding the anticipated closing date of
the transaction, the ability to obtain regulatory and shareholder
approvals and satisfy the other conditions to the closing of the
transaction, the successful closing of the transaction and the
integration of RockTenn and MWV as well as opportunities for
operational improvement including but not limited to cost reduction
and capital investment, the value of merging the U.S. pension plans
of the companies, the strategic opportunity and perceived value to
RockTenn’s shareholders and MWV’s stockholders of the transaction,
the transaction’s impact on, among other things, the combined
company’s prospective business mix, margins, transitional costs and
integration to achieve the synergies and the timing of such costs
and synergies and earnings. With respect to these statements,
RockTenn and MWV have made assumptions regarding, among other
things, whether and when the proposed transaction will be approved;
whether and when the proposed transaction will close; the results
and impacts of the proposed transaction; whether and when the
spin-off of MWV specialty chemicals will occur; economic,
competitive and market conditions generally; volumes and price
levels of purchases by customers; competitive conditions in
RockTenn and MWV’s businesses and possible adverse actions of their
respective customers, competitors and suppliers. Further, RockTenn
and MWV’s businesses are subject to a number of general risks that
would affect any such forward-looking statements including, among
others, decreases in demand for their products; increases in
energy, raw materials, shipping and capital equipment costs;
reduced supply of raw materials; fluctuations in selling prices and
volumes; intense competition; the potential loss of certain
customers; the scope, costs, timing and impact of any restructuring
of our operations and corporate and tax structure; and adverse
changes in general market and industry conditions. Such risks and
other factors that may impact management’s assumptions are more
particularly described in RockTenn’s and MWV’s filings with the
Securities and Exchange Commission, including under the caption
“Business – Forward-Looking Information” and “Risk Factors” in
RockTenn’s Annual Report on Form 10-K for the fiscal year ended
September 30, 2014 and “Management’s discussion and analysis of
financial condition and results of operations – Forward-looking
Statements” and “Risk factors” in MWV’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2014. The information
contained herein speaks as of the date hereof and neither RockTenn
nor MWV have or undertake any obligation to update or revise their
forward-looking statements, whether as a result of new information,
future events or otherwise.
NO OFFER OR SOLICITATION
The information in this communication is for informational
purposes only and is neither an offer to purchase, nor a
solicitation of an offer to sell, subscribe for or buy any
securities or the solicitation of any vote or approval in any
jurisdiction pursuant to or in connection with the proposed
transactions or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and otherwise in accordance
with applicable law.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
The proposed transaction involving MWV and RockTenn will be
submitted to the respective shareholders of MWV and RockTenn for
their consideration. In connection with the proposed transaction,
RockTenn has caused a newly formed holding company, Rome-Milan
Holdings, Inc. to file with the SEC a preliminary registration
statement on Form S-4, which includes a draft preliminary
prospectus with respect to the shares to be issued in the proposed
transaction and a preliminary joint proxy statement for the
shareholders of MWV and RockTenn (the “Joint Proxy Statement”), and
which is expected to be declared “effective” by the SEC at a later
date (the “Registration Statement”). Once effective, each of MWV
and RockTenn will mail the definitive Joint Proxy Statement to
their respective shareholders and may file other documents
regarding the proposed transaction with the SEC. The Registration
Statement and the Joint Proxy Statement will contain important
information about the proposed transaction and related matters.
SECURITY HOLDERS ARE URGED AND ADVISED TO READ THE REGISTRATION
STATEMENT AND THE JOINT PROXY STATEMENT CAREFULLY WHEN THEY BECOME
AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC AND ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. The Registration
Statement, the Joint Proxy Statement and other relevant materials
(when they become available) and any other documents filed or
furnished by MWV or RockTenn with the SEC may be obtained free of
charge at the SEC’s website at www.sec.gov. In addition, security
holders will be able to obtain free copies of the Registration
Statement and the Joint Proxy Statement from RockTenn by going to
its investor relations page on its corporate website at
http://ir.rocktenn.com and from MWV on its corporate website at
www.mwv.com.
PARTICIPANTS IN THE SOLICITATION
MWV, RockTenn, their respective directors and certain of their
executive officers and employees may be deemed to be participants
in the solicitation of proxies in connection with the proposed
transaction. Information about RockTenn’s directors and executive
officers is set forth in its definitive proxy statement for its
2015 Annual Meeting of Shareholders, which was filed with the SEC
on December 19, 2014, and information about MWV’s directors and
executive officers is set forth in its definitive proxy statement
for its 2014 Annual Meeting of Stockholders, which was filed with
the SEC on March 26, 2014. These documents are available free of
charge from the sources indicated above, from RockTenn by going to
its investor relations page on its corporate website at
http://ir.rocktenn.com and from MWV on its website at
www.mwv.com.
Additional information regarding the interests of participants
in the solicitation of proxies in connection with the proposed
transaction will be included in the Registration Statement, the
Joint Proxy Statement and other relevant materials RockTenn and MWV
intend to file with the SEC.
RockTenn Contacts:Investor Contact:John
StakelSenior Vice President,
Treasurer678-291-7901jstakel@rocktenn.comorMedia
Contact:Robin KeeganDirector, Corporate
Communications770-326-8245rokeegan@rocktenn.comorMWV
Contacts:Investor Contact:Jason ThompsonDirector,
Investor Relations804-444-2556Jason.thompson@mwv.comorMedia
Contact:Tucker McNeilDirector, Corporate
Communications804-444-6397mediainquiries@mwv.com
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