The program is expected to deliver annual pre-tax cost savings of $100 to $125 million by the end of 2015, with at least $75 million expected to be realized in 2014. By the end of 2015, MWV expects to have significantly improved the EBITDA margins of the Food & Beverage and Home, Health & Beauty packaging segments. According to MWV, Industrial Packaging, after initial startup costs associated with the expansion of Rigesa's Três Barras mill in Brazil, is performing well and is expected to achieve EBITDA margins of at least 25% by the end of 2014.
Beckler has been with MWV for more than 26 years, including as president of MWV Rigesa and president of MWV Specialty Chemicals. "Bob's success in leading MWV's business expansion in Brazil and transformation of our Specialty Chemicals segment to an industry leading, market-focused business positions him well for these important initiatives," said John A. Luke, Jr., chairman and chief executive officer of MWV.
MWV hasn't yet disclosed who will replace Beckler as CEO of Rigesa in Brazil.