MWV Specialty Chemicals and Chemserve Partner in Brazilian Joint Venture

MeadWestvaco Corporation (NYSE:MWV) Specialty Chemicals and Chemserve (Chemicals Services Limited) today announced the signing of a definitive agreement to establish an equal partnership in the joint venture Resitec Industria Quimica Ltda., a Brazilian company which serves the South American pine chemicals market. MWV Specialty Chemicals’ expertise in the pine chemicals market and its long-standing presence in Brazil, along with the success of Chemserve’s South African-based oleochemicals company, will enable Resitec to broaden its product offerings and strengthen MWV Specialty Chemicals’ and Chemserve’s presence in the South American marketplace. The transaction is expected to close during the second quarter of 2008. Resitec’s current products include emulsifiers used in the production of synthetic rubber for tires, resins for adhesives, and lubricants for machinery and metalworking. Through the joint venture, Resitec will expand its pine chemicals product offerings to include tall oil fatty acid (TOFA) and tall oil rosin (TOR) acids to serve pine chemicals markets within the region, and meet customers’ growing global needs. Under the terms of the agreement, Resitec will continue to offer production and service support to its customers and will assume some production and all regional sales of MWV Specialty Chemicals’ products including emulsifiers for asphalt paving, resins for printing inks, and activated carbons used in vehicle emissions control and other purification applications. Resitec’s current management will remain in place, under the direction of Bernardo Mello, managing director. The new joint venture will include Resitec’s headquarters and manufacturing facility located near Rio de Janeiro, and a new tall oil refinery currently under construction in Lages, Brazil. Start-up for the refinery is anticipated during the fourth quarter of 2008. "This partnership represents an important step for two known market leaders as they grow their presence in Brazil, which now has one of the world’s largest economies,” said Ed Rose, vice president, MWV Specialty Chemicals Performance Chemicals Group. "With this strategic move, we expand our footprint in the global pine chemicals marketplace by partnering with a strong Brazilian business. This is an ideal opportunity for us to support our global customers and build on the growth we have realized in recent years through investments at tall oil refinery operations in both DeRidder, LA., and Charleston, SC; launch of a pine chemicals joint venture in The People’s Republic of China; acquisition of Eastman Chemical Company’s pine chemicals product lines; and establishment of a successful paper chemicals alliance with Hercules Incorporated.” "Partnering with MWV in this venture strengthens Resitec with MWV’s additional production and market experience,” said Trevor Street, executive director, Chemserve. "Resitec has represented an important first step for Chemserve’s oleochemical operations in Brazil. Chemical Services, the largest specialty chemical company in South Africa, is strongly committed to "Breaking New Ground” and we are excited about the growth potential the tall oil fractionation facility now under construction in Lages, Brazil will bring to Resitec.” Terms of the agreement between MWV Specialty Chemicals and Chemserve were not disclosed. About MWV MeadWestvaco Corporation (NYSE: MWV), provides packaging solutions to many of the world’s most-admired brands in the healthcare, personal and beauty care, food, beverage, media and entertainment, and home and garden industries. The company's businesses 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 24,000 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 fourth consecutive year. For more information, please visit www.mwv.com. About Chemserve The Chemical Services Group is the largest specialty chemicals organization in southern Africa and employs approximately 2,100 people. The Group comprises 20 autonomous business units, supplying a diverse range of specialty chemicals, raw materials and related services to a broad spectrum of industries. Continually ‘pushing the boundaries’ on customer service and product innovation, the Group has sales, distribution, production and laboratory facilities located in key centers throughout South Africa and has established new production and distribution facilities abroad. Chemical Services is the specialty chemicals component of the AECI Group. About Resitec Resitec Industrial Quimica Ltda. is the largest producer of oleochemicals-based products in Brazil, specializing in rubber emulsifies, adhesive resins and lubricants, and employs approximately 70 people in its manufacturing locations in Duque de Caxias, Rio De Janiero and in Lages, Santa Catarina. More information about Resitec and its product offerings can be found at www.resitec.com.br.