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Despite significant tax breaks given Mead-Westvaco in West Virginia, the packaging and paper giant is reporting a
first-quarter net loss of $76 million dollars, or 38 cents a share.
The Stamford, Connecticut-based company had cited higher costs for energy, wood and maintenance, along with a weak
economy, for the negative outlook.
The first quarter loss is less than last years first quarter at $415 million dollars.
Mead-Westvaco, a principal land owner in regional counties, was formed by the January 2002 merger of Mead and
WestVaco. They now own about 250,000 thousand acres of West Virginia forest land.
The company reportedly pays less than $1 an acre of taxes in Wirt County.
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