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MeadWestvaco Corporation to Invest $285 Million in Covington Plant Posted by DigitalDominion
(2011/6/27)
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| Commonwealth of Virginia
Office of Governor Bob McDonnell
FOR IMMEDIATE RELEASE
June 27, 2011
Office of the Governor
Contact: Jeff Caldwell
Phone: (804) 225-4260
E-mail: Jeff.Caldwell@Governor.Virginia.Gov
Virginia Economic Development Partnership
Contact: Suzanne West
Phone: (804) 545-5806
E-mail: Swest@yesvirginia.org
MWV
Contact: Scott Openshaw
Phone: (804) 444-7721
E-mail: mediainquiries@meadwestvaco.com
Governor McDonnell Announces MeadWestvaco Corporation to Invest $285 Million in Covington Plant
~ Company will construct state-of-the-art biomass boiler and upgrade power infrastructure~
RICHMOND – Governor Bob McDonnell today announced that MeadWestvaco Corporation (NYSE: MWV), a global leader in the packaging industry headquartered in Richmond, will invest $285 million to construct a new, state-of-the-art biomass boiler and upgrade associated power infrastructure at its facility in the City of Covington. The project allows the plant to become self-sufficient in energy production and significantly reduces ongoing operating and maintenance costs. The new boiler and related systems will replace two older and less cost-efficient fossil fuel units, and will primarily burn renewable biomass such as tree bark, wood residues often left behind from logging operations, and water treatment plant residuals.
Speaking about today’s announcement, Governor McDonnell said, “MWV is a Virginia- headquartered company and has a significant presence across the Commonwealth, employing more than 2,200 citizens. This tremendous investment in its Covington plant will allow the mill to become self-sufficient in energy production, while positioning the facility for profitable growth and job creation in the years ahead. Renewable energy is an increasing priority today, and MWV’s new biomass boiler will use renewable resources as fuel, providing reliable, efficient and lower-cost sources to produce steam and electricity for the mill.”
“With this project, MWV is really investing in the future of its Covington mill,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “The plant is the world’s largest solid bleached sulfate mill, and this caliber upgrade will only increase the mill’s efficiency and output.”
Headquartered in Richmond, Virginia, MeadWestvaco Corporation provides packaging solutions to many of the world’s most-admired brands in the healthcare, beauty and personal care, food, beverage, home and garden, and tobacco industries. The company's businesses also include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the company’s land holdings to support its operations, and to provide for conservation, recreation and development opportunities. With 17,500 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the seventh consecutive year.
“Virginia is not only our corporate home, it is a major base of operations and gateway for our business around the world,” said John A. Luke, Jr., chairman and chief executive officer of MWV. “We are making an investment to improve the competitiveness of our Covington mill so that it will continue to be a strong economic engine for our company and for the Commonwealth.”
The Virginia Economic Development Partnership worked with the City of Covington and the Alleghany Highlands Economic Development Corporation to secure the project for Virginia. Governor McDonnell approved a $1 million performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.
“MeadWestvaco has been providing quality employment opportunities in Covington since 1899,” said Covington Mayor Robert K. Bennett, II. “Covington City Council is most appreciative of the company’s continuing commitment to our community.”
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[2010/1/24]
Intelligent Community Forum Names Arlington County among 2010 Top Seven Intelligent Communities of the Year
Intelligent Community Forum Names Arlington County among 2010 Top Seven Intelligent Communities of the Year
(Honolulu, Hawaii & New York, New York, January 20, 2010) – The Intelligent Community Forum named Arlington County, in Northern Virginia as one of its 2010 Top Seven Intelligent Communities of the Year. Click here to see the full announcement. The Top Seven announcement is the second stage of ICF’s annual Intelligent Community...
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[2009/8/12]
Virginia Reclaims CNBC's "Top State for Business" Title
– Commonwealth rises from No. 2 spot to garner second top ranking in 3 years –
RICHMOND – Governor Timothy M. Kaine today announced that for the second time during his administration, CNBC has named Virginia its "Top State for Business". This best-in-the-nation ranking was based on a wide range of factors, from workforce quality to broadband infrastructure, and reaffirms that "Virginia has what it takes to emerge from an economy turned upside down." Virginia received CNBC's top ranking in 2007 and was ranked second in 2008. This is the fourth time in the last month that...
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[2009/7/9]
VIRGINIA RECOGNIZED AMONG ‘FIVE BEST STATES TO START A BUSINESS’
RICHMOND– Governor Timothy M. Kaine today highlighted Virginia’s ranking among the “Five Best States to Start a Business.” The recognition by U.S. News & World Report this week comes on the heels of the Commonwealth’s sixth number one ranking for its pro-business environment.
“The latest accolades accorded the Commonwealth demonstrate that Virginia remains a power player among business-friendly states,” said Governor Kaine. “As we work to get our economy back on track, it’s great to be recognized for continuing to attract innovative businesses to...
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[2009/1/12]
Welcome to DigitalDominion.Biz
Welcome to DigitalDominion.Biz - the new "Web 2.0" website providing a legal and business resources via the Digital Dominion Network's Law and Business Network. This website is primarily focused upon serving businesses in the Commonwealth of Virginia - the "Digital Dominion," however much of the information, particularly that focused upon U.S. federal and national and international topics may be of interest to readers everywhere. The Digital Dominion Law and Business Network provides primarily user generated content contributed by readers or reprinted from public domain sources. Each...
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