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RICHMOND, Va. (AP) -- MeadWestvaco Corp. said Tuesday it is considering alternative ownership structures for its Community Development & Land Management Group. MeadWestvaco said it created the business group earlier this year to maximize the value of the company's forestland holdings for shareholders. The business has sold 290,000 acres of owned forestland and 95,000 acres of leased forestland for $493.1 million. MeadWestvaco said it plans to return funds to shareholders. For its remaining 800,000 acres of forestland across the Southeastern U.S., MeadWestvaco said it is pursuing recreation, conservation and development uses. The company said its study of alternate ownership structures is scheduled to be completed by the second half of 2008. MeadWestvaco said it expects to implement any decision within two to three years. The company made the announcement at the UBS Global Paper and Forest Products Conference. MeadWestvaco shares gained 60 cents, or 2 percent, to $30.65 in midday trading. The stock has traded between $25.48 and $36.50 during the past 52 weeks.
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