Activist investor Peltz buys slug of MeadWestvaco stock
An activist investor known for shaking up corporate board rooms and pushing for changes has taken a stake in MeadWestvaco Corp., which has long business ties to the Charleston region.
Billionaire financier Nelson Peltz’s Trian Fund Management disclosed in a filing Thursday that it has bought 1.6 million shares in the Richmond, Va.-based packaging company, or less than 1 percent.
The stock is valued at about $51 million.
Shares of MeadWestvaco jumped much as 11 percent in early trading today.
MeadWestvaco makes packages and containers for consumer products.
The company’s ties to Charleston go back more than 75 years, when a predecessor opened the region’s only paper mill on the Cooper River in North Charleston.
It sold that factory in 2008. MeadWestvaco’s specialty chemical division is still based in North Charleston. Also the head office for its real estate development arm is in Summerville.
MeadWestvaco shares were 10 percent at $34.94 this morning. The stock is up 30 percent over the past year, including today’s gains.