RICHMOND, Va. (WTVR) – More than 100 people are losing their jobs at Richmond-based packaging company MeadWestvaco (MWV).
The job cuts started last month and will continue through March, a company spokesman confirmed. The local jobs are among the 550 job cuts MWV is making worldwide.
The layoffs are a cost-cutting move expected to save MWV between $100 and $125 million by the end of 2015.
“We are eager to accelerate our progress and substantially improve our margins and cash flow through a more streamlined and efficient organization and cost structure,” John A. Luke, Jr., chairman and chief executive officer of MWV, said in a statement. “We are seeing measurable success with our previously announced cost reduction initiatives, and this new program will further improve our performance in packaging.”
With 881 local full-time employees, MeadWestvaco is the 28th largest employer in Richmond, according to the Richmond Times Dispatch.