Operator
We have a question from Gail Glazerman with UBS. Please go ahead.
Gail Glazerman, UBS Investment Bank
Hi, good morning.
John Luke, Chairman and CEO, MeadWestvaco Corporation
Hello, good morning.
Gail Glazerman, UBS Investment Bank
I know it hasnot been that long since you have been publicly talking about looking at alternatives for chemicals, but I am just wondering if you could give us any sort of perspective on the level of interest and maybe some of other alternatives that you might have had other than pursuing a spin-off?
John Luke, Chairman and CEO, MeadWestvaco Corporation
Mark, do you want to comment on that?
Mark Rajkowski, SVP, Chief Financial Officer, MeadWestvaco Corporation
Yeah, sure. Well, as you would imagine, Gail, certainly with the growth profile, margin profile of this business, it does attract attention. The key issues here are really around the impact of taxes. If you thought about an outright sale, it would have to be one incredible multiple to offset the impact of taxes that we would end up paying. Also, as you look at potential partners in a tax-free structure like the Reverse Morris Trust, there are certainly companies out there that may have interests, but we have to work through a lot of issues including valuation and certainly we have got just great confidence in our ability to continue to grow this business and we want to make sure our shareholders benefit and get the optimal value from that future growth.
Gail Glazerman, UBS Investment Bank
Okay, thank you.
Operator
Our final question would be from Chip Dillon with Vertical Research Partners. Please go ahead.
Chip Dillon,Vertical Research Partners
Yes, thanks very much. Two quick questions. One, do you still expect to reallocate the corporate expense numbers, some of them at least, among the segments as you have talked about earlier. Secondly, could you just update us as of maybe the third quarter as you tally the 200 million ultimate savings, how far along we are just so we can sort of model out the remainder.
Robert Beckler, EVP and President, Packaging, MeadWestvaco Corporation
Chip, let me take both of those. Yes,we are intending to have a more fulsome allocation to our segments reflecting the level of service that is required to support those businesses. We will be getting into that in more detail as we move forward. We will provide more information and update where we are at on our cost program, but as we reported at the end of the third quarter, we are tracking extremely well to achieving those objectives.
Chip Dillon,Vertical Research Partners
Got you.Just a quick followup, do you think the recasting of the corporate expense will significantly impact or even reporting the EBITDA to be in chemicals or could it be more than say $15, $20 million annually or would you think that would be a high number?
Robert Beckler, EVP and President, Packaging, MeadWestvaco Corporation
You will get to see all that in short order, Chip.
Chip Dillon,Vertical Research Partners
Okay. Thank you.
Robert Beckler, EVP and President, Packaging, MeadWestvaco Corporation
You are welcome.
Jason Thompson, Director of Investor Relations, MeadWestvaco Corporation
Okay, everyone. Well, thanks for joining us and we will be talking with you in about 20 days on our Fourth Quarter Call. Have a good day.
Operator
Ladies and gentlemen, this conference is available for replay. It starts today at 11 AM Eastern, will last until February 8th at midnight. (Operator Instruction). That does conclude your conference for today. Thank you for your participation. You may now disconnect.
