MeadWestvaco Corp. said its first-quarter loss widened on reduced volumes of packaged goods, office supplies and specialty chemicals.
For the three months ended in March, the company lost $79 million, compared with a loss of $4 million in the year-earlier period. In the Consumer & Office Products business, segment loss was $5 million in the first quarter of 2009 compared to a loss of $3 million in the first quarter of 2008. Sales were $163 million in the first quarter of 2009 compared to $208 million in the first quarter of 2008.
MeadWestvaco said that, as expected, sales were lower due to the weak global economic environment, resulting in lower volumes of consumer, time-management and dated products. Envelope products sales were particularly weak as financial services customers continue to significantly reduce direct mail offerings.