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.
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“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