RICHMOND, Va. — Richmond has its first mega merger of 2015. Downtown-based Fortune 500 MeadWestvaco announced a deal Monday morning to combine with Rock-Tenn Co. of Georgia in a marriage that would create a packaging giant with a combined $15.7 billion in annual revenue. The companies will take on a new name and, once combined, will remain headquartered in MWV’s riverfront tower at 501 South 5th St. The stock-for-stock deal will give MWV shareholders control of about 51 percent of the combined company and Rock-Tenn stockholders will control the remaining 49 percent.
Should it close as expected in the second quarter, Richmond would then be home to the country’s second-largest packaging company behind only International Paper.
The merger would also mark the end of a family legacy. Leading the new company will be Steven Voorhees, currently Rock-Tenn’s CEO. MWV CEO John Luke Jr. will become a non-executive chairman of the new firm.