Kapstone Paper to buy new division

NORTHBROOK-- KapStone Paper and Packaging Corp. signed an agreement with MeadWestvaco Corp. to purchase its North Charleston, S.C., kraft paper mill and related assets for $485 million in cash, subject to certain post-closing adjustments. KapStone expects to close the deal by the end of third quarter. The 2007 aggregate revenues for KapStone and the MeadWestvaco North Charleston division are expected to be about $780 million.