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Old February 15th, 2006, 09:57 AM   #1
wrldcoupe4
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MeadWestvaco Relocates Corporate HQ to Richmond!

http://timesdispatch.com/servlet/Satellite?pagename=RTD/MGArticle/RTD_BasicArticle&c=MGArticle&cid=1137834103788

This makes 7 Fortune 500 companies for Richmond!

Quote:
MeadWestvaco Corp., a Fortune 500 packaging and paper company, will announce today that it is moving its corporate headquarters to the Richmond area.

Gov. Timothy M. Kaine will officially unveil the move this morning at the Virginia Economic Development Partnership in Richmond.

The company is not expected to name a precise location, according to local sources familiar with the deal, but plans to conduct a search around the region.

John A. Luke Jr., the company's chairman and chief executive officer, was spending the night at the Omni Richmond hotel. He did not return a phone call seeking comment.

It is not clear how many jobs the company might bring to the region or the size of its investment here.

MeadWestvaco already operates some administrative offices in the Boulders office park in Chesterfield County, but it is not expected to locate its headquarters there.

The company, now based in Stamford, Conn., will join six other Fortune 500 companies based here. It is 267th on the list of the nation's largest corporations, ranked by annual revenue.

MeadWestvaco reported $6.2 billion in revenue in 2005..............
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Old February 15th, 2006, 11:30 AM   #2
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Good news for Richmond. My guess is that it will go out to the 'burbs, but it's great for the metro area anyway.
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Old February 15th, 2006, 11:37 AM   #3
wrldcoupe4
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I'd love to see them locate downtown... we'll have to find out tomorrow. The announcement is being made downtown at the Virginia Economic Development Partnership on the top floor of Riverfront Plaza. I think this is probably a way for them to cut costs though, and if that's the case, the suburbs are cheaper than the CBD...
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Old February 15th, 2006, 04:02 PM   #4
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Congrats to Richmond
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Old February 15th, 2006, 06:23 PM   #5
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Looks like Raleigh is getting a chunk of MeadWestvaco as well. A research center will be moved to NC State University's Centennial Campus bringing 200 jobs with median incomes of $95,000/yr.

MeadWestvaco wins incentives worth millions
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Old February 15th, 2006, 07:57 PM   #6
wrldcoupe4
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Great news for Raleigh! That article mentioned that the HQ move will bring 400 jobs to Richmond. That's awesome!
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Old February 15th, 2006, 08:16 PM   #7
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Governor Kaine Announces MeadWestvaco to Locate Headquarters in Greater Richmond Area

RICHMOND – Governor Timothy M. Kaine today announced that MeadWestvaco Corporation (NYSE: MWV), a global packaging company, has chosen the Greater Richmond area for its corporate headquarters. The company is in the process of determining the specific location that will best meet its long-term facility needs.

Virginia successfully competed against other states for the project, which will create 400 new jobs, including executive, administrative and corporate operations positions. About 200 additional jobs currently in Chesterfield County will locate to the new facility. MeadWestvaco plans to lease temporary space in the summer of 2006 and move to permanent facilities by the summer of 2008.

“Landing a Fortune 500 company is a great way to begin a new Administration,” said Governor Kaine, who met with the company’s CEO during negotiations. “MeadWestvaco’s successful history in the Commonwealth, its relationships with other Virginia companies and its partnership with the Port of Virginia made Virginia a strong and obvious choice.”

Westvaco Corporation was founded in West Virginia in 1888 and began Virginia operations in 1900 by building a paperboard mill in Covington that remains in operation. The current company, MeadWestvaco, which provides packaging solutions and products to the world’s most recognized companies in the food and beverage, media and entertainment, personal care, cosmetic and healthcare industries, is a result of the merger between The Mead Corporation and Westvaco Corporation in 2002. The company employs 22,000 people worldwide with about 2,000 current employees in Virginia. MeadWestvaco, with operations in more than 29 countries, has been selected for the Dow Jones Sustainability Indexes and manages all of its forestlands in accordance with internationally recognized forest certification standards.

“Consolidating key business areas of our corporate operations is a critical element in facilitating collaboration and increasing cost efficiencies as we execute our strategy to be the global leader in packaging,” said John A. Luke, Jr., MeadWestvaco Chairman and Chief Executive Officer. “The Greater Richmond area provides an excellent venue for us to grow our business, and we look forward to contributing to the prosperity of the community.”

The Virginia Economic Development Partnership (contact Christie Collins, 804.545.5805) worked with the Greater Richmond Partnership to secure the project for Virginia. The incentive package includes a $2 million Governor’s Opportunity Fund award, a $4 million Virginia Economic Development Incentive Grant and training assistance through the Virginia Department of Business Assistance’s Workforce Services Jobs Investment program.

“The Greater Richmond Partnership is very excited to add MeadWestvaco to the ever growing list of Fortune 1000 companies headquartered in the region,” said Marjorie Connelly, Chair of the Greater Richmond Partnership. “Like the other ten Fortune companies located here, I know MeadWestvaco will find the business climate nourishing and beneficial to their long-term growth."

^The Richmond area actually has 12 or more Fortune 1000's...

They've yet to choose a permanent location to build their HQ, though how cool would it be if they chose Downtown Richmond!
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Old February 15th, 2006, 08:41 PM   #8
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Quote:
Originally Posted by wrldcoupe4
Great news for Raleigh! That article mentioned that the HQ move will bring 400 jobs to Richmond. That's awesome!
kinda sucks for Connecticut though, haha
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Old February 15th, 2006, 09:19 PM   #9
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That was my second thought, but I think that Richmond deserves some attention... and some love
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Old February 15th, 2006, 09:28 PM   #10
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There have been several companies moving their headquarters into the south to escape the rising costs of the northeast. It's cheaper to employ individuals here and office space rental is less than half that of the north east.
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Old February 15th, 2006, 09:35 PM   #11
wrldcoupe4
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Quote:
Originally Posted by Raleigh-NC

That was my second thought, but I think that Richmond deserves some attention... and some love
Speaking of that, to quote the CEO of MeadWestvaco: "Richmond is Easy to Love"



I'll also agree with the south being less expensive than the north. When Philip Morris USA relocated their corporate HQ to Richmond from Manhattan, they saved millions, but the employees still made their Manhattan salaries....Richmond's sooooo much cheaper to live in than NYC. Those guys really have it made!
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Old February 15th, 2006, 10:03 PM   #12
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NBC 12 coverage and video

To see the video you need to use IE...
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Old February 16th, 2006, 12:42 AM   #13
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Congrats to Richmond...but good lawd have mercy what a terrible name for a company...they really need to come up with something new.
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Old February 16th, 2006, 01:55 AM   #14
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haha it is a mouthful...
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