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30.04 08:43:42

MeadWestvaco reports loss in Q1 - USA

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.


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