EXHIBIT 99.1

            MeadWestvaco Announces Sale of 95,500 Acres of Forestland

STAMFORD, CONN., December 13, 2002 -- MeadWestvaco Corporation (NYSE: MWV)
yesterday completed the sale of 95,500 acres of forestland in West Virginia. The
property was purchased through The Forestland Group LLC for Heartwood Forestland
Fund IV Limited Partnership.

The purchase price for the property was $50 million in cash, which represents a
gain of approximately $38 million pretax on the sale for MeadWestvaco. While
these tracts are valuable for a variety of purposes, they do not fit into
MeadWestvaco's strategy of focusing resources and technology on the land base
that will most efficiently support company mills. This sale is part of the
company's previously announced plans to divest 950,000 non-strategic acres of
the land it currently owns.

MeadWestvaco Corporation, headquartered in Stamford, Conn., with annual sales of
approximately $8 billion, is a leading global producer of packaging, coated and
specialty papers, consumer and office products and specialty chemicals. The
company operates in 33 countries, serves customers in approximately 100 nations
and employs approximately 30,000 people worldwide. Using sustainable forestry
practices, MeadWestvaco owns and manages more than 3 million acres of forests.
For more information about MeadWestvaco, visit the company's website at
www.meadwestvaco.com.

The Forestland Group LLC (TFG) was formed in 1995 to pursue investments
primarily in the naturally regenerating hardwood and pine forests for
institutional investors, families and individuals. The firm invests capital in
forestland through a limited partnership structure. TFG has raised and closed
four funds totaling $681 million. With capital from university endowment funds,
foundations, insurance companies, pension funds and individuals, TFG's limited
partnerships have acquired, including acreage under contract, over 1.1 million
acres in nine states in the U.S.: West Virginia, New York, Michigan,
Pennsylvania, Tennessee, North Carolina, Kentucky, Virginia and Texas.

Certain statements in this document and elsewhere by management of the company
that are neither reported financial results nor other historical information are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such information includes, without limitation,
the business outlook, assessment of market conditions, anticipated financial and
operating results, strategies, future plans, contingencies and contemplated
transactions of the company. Such forward-looking statements are not guarantees
of future performance and are subject to known and unknown risks, uncertainties
and other factors which may cause or contribute to actual results of company
operations, or the performance or achievements of each company, or industry
results, to differ materially from those expressed, or implied by the
forward-looking statements. In addition to any such risks, uncertainties and
other factors discussed elsewhere herein, risks, uncertainties and other factors
that could cause or contribute to actual results differing materially from those
expressed or implied for the forward-looking statements include, but are not
limited to, events or circumstances which affect the ability of MeadWestvaco to
integrate successfully and achieve the anticipated benefits of the transaction;
competitive pricing for the company's products; changes in raw materials
pricing, energy and other costs; fluctuations in demand and changes in
production capacities; changes to economic growth in the U.S. and international
economies; government policies and regulations, including, but not limited to
those affecting the environment and the tobacco industry; adverse results in
current or future litigation; currency movements and other risk factors
discussed in the company's Form 10-K for the transition period ended December
31, 2001 and in other filings made from time to time with the SEC. MeadWestvaco
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise. Investors
are advised, however, to consult any further disclosures made on related
subjects in the Company's reports filed with the SEC.

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