MeadWestvaco Corp. (NYSE:MWV) said that it swung to a fourth-quarter profit of $51 million, or 29 cents a share, from a loss of $16 million, or 9 cents a share, a year earlier. The company reduced overhead costs, improved operating productivity and focused on growing markets, differentiated products and the most profitable customers.

“MWV performed well in what remained a difficult economic environment during 2009,” says John A. Luke, Jr., chairman and chief executive officer. “We improved our earnings and increased shareholder value by focusing on the right strategies to enhance the competitiveness of our global businesses. We reduced costs, refined our participation in the marketplace and enhanced our partnerships with customers around the world. Continued progress in these areas has dramatically improved MWV’s financial performance and strength, and will set the stage for profitable growth in the future.”

MWV exceeded its 2009 $125 million overhead savings target associated with the strategic cost management program it announced at the beginning of the year. Savings in 2009 were $154 million, reflecting actions that eliminated overhead costs and closed or restructured certain facilities.

Luke says that the company plans to build on its 2009 momentum. “MWV’s strategy agenda for 2010 and beyond is to build on the principles that delivered our strong results in 2009. We’re looking to continue to generate profitable growth in emerging geographies and attractive end-markets – as well as further improve our operating efficiency. With continued focus in these areas and many more, we will build on our recent performance record and generate additional positive momentum in 2010,” he says.