MeadWestvao Corp. in Richmond plans to invest $285 million to build a new biomass boiler and to upgrade other power systems at its plant in Covington. In announcing the project Monday, Gov. Bob McDonnell said it will reduce operating costs by primarily burning renewable biomass such as tree bark and wood residues left behind from logging operations.
“This tremendous investment in its Covington plant will allow the mill to become self-sufficient in energy production, while positioning the facility for profitable growth and job creation in the years ahead,“ McDonnell said in a statement. MeadWestvaco, a global packaging company headquartered in Richmond, employs more than 2,200 workers in Virginia and 17,500 employees worldwide.
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