Packaging plant in Grover set to close soon, cutting 120 jobs
MeadWestvaco Corp., North America's second-largest maker of glossy cardboard packaging, said it will close a packaging plant in Grover, 40 miles west of Charlotte, cutting 120 jobs.
Some production from the factory will be transferred to other plants, Glen Allen, Va.-based MeadWestvaco said Monday in a statement. The Grover facility, which produces packaging for the media and entertainment industry, is expected to close by early next year, the company said.
MeadWestvaco said last month that high raw-material costs and a rising U.S. dollar will reduce fourth-quarter profit. Third-quarter net income fell 55 percent as manufacturing costs rose and the slowing economy reduced sales of school supplies.
“In today's challenging economy, we must focus on managing the cost elements that we can directly control,” Steve Scherger, president of beverage and media packaging, said in the statement. Bloomberg News
Cary-based firm seeks bankruptcy protection
MacGregor Development Co., a Cary-based developer, sought bankruptcy protection from creditors without giving a reason.
The company listed assets of $23.8million and consolidated debt of $41.4million in Chapter 11 documents filed Nov. 14 in U.S. Bankruptcy Court in Wilson. Bloomberg News