Strong growth in packaging and speciality chemicals boosts FY 2010 and Q4 sales
MeadWestvaco Corporation (MWV) has announced record full year sales of $5.69bn, a growth of 5% on the previous year. Net profits for the period jumped from $240m to £262m. Fourth quarter earnings were recorded at $68m, up from $53m, while sales for the same period increased 3% to $1.5bn.
The growth has been attributed to the company’s packaging businesses, which were up 54% in Q4 and 38% for the full year.
“Our record 2010 earnings are the direct result of the success we’ve had implementing focused strategies to increase profits in each of our targeted end-markets,” said John A Luke Jr, chairman and ceo. “With the transformative changes to our business model taking hold and giving up positive momentum to start 2011, we are focused on achieving the next level of performance by continuing to capitalise on the commercial and operating strengths we have built.”