MeadWestvaco sells branding business

MeadWestvaco sells Internet packaging, branding business

• On 3:52 pm EDT, Wednesday October 21, 2009

RICHMOND, Va. (AP) -- MeadWestvaco Corp., which makes paper and plastic products, said Wednesday it has sold its Internet-based packaging and branding business.

Terms of the deal with Persistent Systems, a software products development company, involving Paxonix were not disclosed.

Paxonix was formed as part of MeadWestvaco in 2001. MeadWestvaco, based in Glen Allen, Va., will continue to use Paxonix and will be a reseller of Paxonix software and services, it said.

Shares of MeadWestvaco fell 36 cents, or 1.5 percent, to $24.21 in afternoon trading.