John Luke, Chairman and CEO, MeadWestvaco Corporation
Thanks, George. I will turn this to Mark to make the commitments here, but I think you know, George, and others on the call, that we have a very good track record once we’ve got our homework and let us find outwith laying out targets and then reporting progress against them and that is what we would certainly look to do here. Mark?
Mark Rajkowski, SVP, Chief Financial Officer, MeadWestvaco Corporation
Yeah, we are in the early stages. We are moving quickly and as that work comes together, we will be reporting out to you on our expectations and what that means for the year ahead.
George Staphos, Bank of America Merrill Lynch
Okay. Thank you.
Operator
Next, we go to Mark Wilde with Bank of Montreal. Please go ahead.
Mark Wilde, Bank of Montreal
Good morning and Happy New Year.
Robert Beckler, EVP and President, Packaging, MeadWestvaco Corporation
Hey, Mark.
Mark Rajkowski, SVP, Chief Financial Officer, MeadWestvaco Corporation
Mark.
Mark Wilde, Bank of Montreal
A couple of questions. One, I wondered if you can give us any color on leadership team on the two businesses? Then the second question I had is, within performance chemicals, you have given us some geographic breakdown for each of those three businesses, but I wonder if you could just help us size oilfield chemicals within that overall performance chemicals mix.
John Luke, Chairman and CEO, MeadWestvaco Corporation
Yes. Mark, let me just comment on the leadership question. I think first of all, it is fair to say that with the confidence we have and the strategies, and the fact that we are going out with this right now, that we have great confidence in both the folks leading our packaging business as well as the chemical business. In the chemical business, in particular, we have got a very strong leadership in place that is supported by an organization that has truly world class expertise. That is reflected in the outstanding progress we have made and we have got great confidence in their ability to take the business forward. Likewise, the progress that George referred to that we have made, particularly over the past year in our packaging business gives us similar confidence in the capabilities that we have and importantly, the leadership that is driving the articulation of the strategies.
Mark Wilde, Bank of Montreal
Okay. Would you expect to kind of lay out the leadership team for the two businesses like in the next three months, six months? What will be the time frame?
John Luke, Chairman and CEO, MeadWestvaco Corporation
I think we will do that as soon as we have got good clarity in both in that of the structure and the people. We will be happy to address that as we go forward.
Robert Beckler, EVP and President, Packaging, MeadWestvaco Corporation
Mark, on the question around oilfield, this is Bob. Roughly speaking, the business is about 10% of Specialty Chemicals and it is a rapidly growing sector for the business, much is in the market today, obviously, about movement in oil production, but it actually creates an interesting dynamics for us and that is a very resilient part of our business and so we see continued growth in that sector.
Mark Wilde, Bank of Montreal
Okay. Bob, just on this whole issue of oil falling and what impact that may have for the business. Does it create any additional pressure in Specialty Chemicals just from maybe competing products, seeing lower costs, kind of we are playing through from oil?
Robert Beckler, EVP and President, Packaging, MeadWestvaco Corporation
Yeah, it creates a lot of dynamics. But overall, Mark, we really do not see it having a material impact on the overall business. Historically, the business has performed very well through these kinds of dynamics where there are a lot of moving parts andthe team is very skilled and experienced in managing through this kind of an environment.
Mark Wilde, Bank of Montreal
Okay, that’s all. Thanks, Bob.
