meadwestvaco goldman sachs
TRANSCRIPT
MWV Delivering Shareholder Value Goldman Sachs
May 23, 2012
2 MWV Delivering Shareholder Value / May 23, 2012
Forward-Looking Statements
Certain statements in this document and elsewhere by management of the company that are neither reported financial
results nor other historical information are "forward-looking statements“ within the meaning of the Private Securities
Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market
conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated
transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company
operations, or the performance or achievements of each company, or industry results, to differ materially from those
expressed or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors
discussed elsewhere herein, risks, uncertainties, and other factors that could cause or contribute to actual results
differing materially from those expressed or implied for the forward-looking statements include, but are not limited to,
events or circumstances which affect the ability of MeadWestvaco to realize improvements in operating earnings from
the company's ongoing cost reduction initiatives; the ability of MeadWestvaco to close announced and pending
transactions, including MWV Consumer & Office Products/ACCO Brands transaction; the reorganization of the
company's packaging business units; competitive pricing for the company's products; impact from inflation on raw
materials, energy and other costs; fluctuations in demand and changes in production capacities; relative growth or
decline in the United States and international economies; government policies and regulations, including, but not limited
to those affecting the environment, climate change, tax policies and the tobacco industry; the company's continued ability
to reach agreement with its unionized employees on collective bargaining agreements; the company's ability to execute
its plans to divest or otherwise realize the greater value associated with its land holdings; adverse results in current or
future litigation; currency movements; volatility and further deterioration of the capital markets; and other risk factors
discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2011, and in other filings
made from time to time with the SEC. MeadWestvaco undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or otherwise. Investors are advised, however, to consult
any further disclosures made on related subjects in the company's reports filed with the SEC.
Key Topics
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Focused packaging company 1
Top quartile shareholder returns 3
Profitable growth driven business 2
MWV Delivering Shareholder Value / May 23, 2012
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$5.3 billion* sales in 2011
10% growth in emerging markets
100+ nations where we market our products
15,000 employees worldwide
~700,000 acres of forestland under sustainable management
$1.00 annual dividend
Sales by Business Segment
MWV Delivering Shareholder Value / May 23, 2012
83% Packaging
3% Community Development & Land Management
14% Specialty Chemicals
* Reflects completed spin/merge of Consumer & Office Products business
MWV: A Global Packaging Leader
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Our Profitable Growth Engine
End markets Customers
MWV’s packaging platform
Food & Beverage
Tobacco
Beauty & Personal Care
Home & Garden
Healthcare
Agricultural & Industrial
• Focused end market participation
• Deep customer partnerships
• Insight-driven, technology-enabled innovation
• Global manufacturing and execution
~ 1-2%
Core Market
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~ 1-2%
Commercial Excellence
~ 2-3%
Innovation
~ 1-2%
Emerging Markets
Average annual growth over next 3-5 years
~ 5% +
$1+ billion
MWV Delivering Shareholder Value / May 23, 2012
Our Revenue Growth Model
Expanded Participation
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Commercial Excellence
Right people +
Right capabilities
+ Strategic customer
partnerships
Our Formula
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Commercial Excellence
$50 million in new
repeatable Beverage Packaging business
in first year
Our Results
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Innovation
Insights-centric +
Scalable platform
+ Robust,
sustainable pipeline
Our Formula
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Innovation
60 High value commercial projects in
pipeline
Our Results
In Test Market – Captivate®
Before After
Recent Launch – Shellpak® Renew
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Emerging Markets
Strategic geographies
+ Strong track
record +
Investing for the future
Our Formula
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Emerging Markets
~ 30% of total revenue generated from
emerging markets
Our Results
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Expanded Participation
Innovative solutions
+ Adjacent
markets with attractive profit
pools +
Geographic growth
Our Formula
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Expanded Participation
• Leading designer and manufacturer of dispensing closures
• New capabilities in food, personal care, and home and garden markets
Our Results
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Operating Leverage Productivity Growth Levers
MWV Delivering Shareholder Value / May 23, 2012
Operational excellence
Supply chain expertise
Manufacturing capacity
Overhead structure
Commercial Excellence
Innovation
Emerging Markets
~ 25-50 bps ~ 25-50 bps
Our Margin Expansion Goals
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Our Shareholder Value Framework
Top Quartile TSR
Earnings Growth
~ 7-10%+
Dividend Yield
~ 3-5%
Margin
Expansion
~ 50-100 bps
Revenue Growth
~ 5%+
MWV Delivering Shareholder Value / May 23, 2012
MWV Delivering Shareholder Value Goldman Sachs
May 23, 2012