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One of the areas largest employers is swapping owners. The MeadWestvaco paper mill in North Charleston has been sold to the Kapstone paper and packaging corporation. The deal worth $485 million will be official by the end of September this year.
MeadWestvaco says the North Charleston mill doesn't fit into its long term strategy. At the same time the company doesn't expect any changes under new ownership.
In all 1,100 people make their living at the North Charleston paper mill. But after the smoke clears on this deal the owner will change. For now, employees don't seem too concerned about their jobs.
“Everybody is worried about things but I think they will take care of us,” said Debbie Eckles-Rudd, a mill worker for 25 years.
According to MeadWestvaco all workers and all labor agreements will stay in place after the transition. Employees say there is no reason to think otherwise.
“We haven't been given any other information other then it's going to be sold,” said Mack O’Quinn.
In addition to the paper mill, MeadWestvaco also sold a lumber mill in Summerville and four chip mills. MeadWestvaco Spokeswoman Pam Wheeler says the deal works for both sides.
“The North Charleston mill makes unbleached paperboard, a different market then what we are interested in being, Kapstone is in the market so thought it would be a nice fit for the two to join forces,” said Wheeler.
The name on the entrance will soon change but production is expected to continue without interruption. Wheeler says the mill will be considered the flagship facility in the Kapstone Corporation for years to come.
Roger stone, the executive officer with Kapstone, says this purchase will allow the company to expand product lines and enter markets it doesn't currently serve. MeadWestvaco says this deal will not effect it's plans to develop 72,000 acres in East Edisto, the project would build several small communities along the Edisto River.
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