MeadWestvaco Picks NCSU Centennial Campus for Innovation Center
Posted February 15, 2006 12:33 p.m. EST
RALEIGH, N.C. — MeadWestvaco Corporation, a global packaging company, will invest $14 million and create 200 jobs as part of a new "packaging innovation center" at North Carolina State University's Centennial Campus.
The move is part of a reorganization by MeadWestvaco, which decided to consolidate its research, development and engineering operations at one location in Raleigh. Those operations are currently located in Ohio and Maryland.
The State of North Carolina offered MeadWestvaco more than $5 million in tax incentives to locate its new facility in North Carolina.
The 200 jobs will be primarily in research and average $1,831 a week in play plus benefits, according to N.C. Governor Mike Easley's office.
This center will house research and development, emerging packaging technologies, material sciences and other packaging innovation resources.
"MeadWestvaco's strategy is to be the global leader in packaging and packaging solutions. To succeed, we must establish the right business model and the right structure," said MeadWestvaco Chairman and Chief Executive Officer John Luke Jr. in a statement
"The access to state-of-the-art technology and quality research partnerships through N.C. State University's Centennial Campus is unparalleled," he added. "We look forward to bringing value to the Raleigh community and we are confident this move will result in long-term success for our customers and our company."
MeadWestvaco also said it would build a new headquarters in Richmond, VA. as part of its changes. The firm is currently based in Stamford, CN.
"Today's announcement brings a top-notch research and development facility to N.C. State's Centennial Campus and provides 200 high-paying jobs for our citizens," Easley said. "Working with N.C. State, MeadWestvaco will develop new products and improve its manufacturing bringing them a stronger company and bringing the state a stronger economy."
MeadWestvaco, which was formed as part of a merger in 2002, had revenues of more than $6 billion in 2005. It operates in 29 countries. The company has four operations in North Carolina that employ 556 people, according to the governor's office.