MeadWestvaco Corporation (MWV) has decided to fully separate its Specialty Chemicals business from the rest of the company. The separation will result in two independent, publicly traded companies. The spinoff is expected to be completed by the end of 2015.

The separation of Specialty Chemicals will establish two strong companies that are better positioned to compete and profitably grow in their targeted markets,” said John A. Luke Jr., chairman and chief executive officer, MWV.

In conjunction with the separation of the Specialty Chemicals business, MWV is undertaking a comprehensive organization redesign to accelerate its market-focused packaging strategy and achieve market-leading margins,” said the company.