MWV Reports Strong Q4 Results

Fourth quarter 2009 sales posted by the company were $1.64 billion, compared to fourth quarter 2008 sales of $1.60 billion. Sales increased 2% as favorable foreign currency exchange was partially offset by lower volumes. Full-year 2009 sales from continuing operations were $6.05 billion, compared to $6.64 billion in 2008. Full-year sales were lower due to volume declines from lower demand related to weak economic conditions, unfavorable foreign currency exchange as well as the company’s actions to exit certain low-return product lines.

John Luke, Jr, chairman and chief executive officer of MWV, said: “MWV performed well in what remained a difficult economic environment during 2009. We improved our earnings and increased shareholder value by focusing on the right strategies to enhance the competitiveness of our global businesses. We reduced costs, refined our participation in the marketplace and enhanced our partnerships with customers around the world. Continued progress in these areas has dramatically improved MWV’s financial performance and strength, and will set the stage for profitable growth in the future.”

“MWV’s strategy agenda for 2010 and beyond is to build on the principles that delivered our strong results in 2009. We’re looking to continue to generate profitable growth in emerging geographies and attractive end-markets – as well as further improve our operating efficiency. With continued focus in these areas and many more, we will build on our recent performance record and generate additional positive momentum in 2010.”

The company expects to benefit from its growing positions in developing regions, in particular China, Brazil and India, to help offset persistent challenges in developed markets, in particular the US and Western Europe.