DAYTON, Ohio — Mead Corp.'s plans to move its headquarters to Connecticut as part of a merger will leave the city with only one Fortune 500 headquarters.

        The decision has stung city and business leaders in Dayton, which has been home to the paper maker for 155 years.

        Mead's merger with Westvaco Corp., announced Wednesday, will create MeadWestvaco, which will be based in Stamford, Conn. The combined company will have $8 billion in annual sales and 32,000 employees worldwide.

        Two of Mead's major divisions will remain in Dayton. But the “Mead World Headquarters” sign will be removed from the company's 27-story building, which is a downtown landmark on Courthouse Square.

        “It is a psychological blow,” City Commissioner Mary Wiseman said. “And it creates a greater risk that additional jobs will be exported. ...”

        The Mead office tower is valued at $26.8 million and generates $708,566 annually in property taxes.

        The move will leave NCR Corp. as the only Fortune 500 company to call the city home.

        Mead also has been one of the city's leading corporate philanthropists, supporting development of the downtown riverfront and a new multimillion-dollar performing arts center.

        Mead Chairman Jerry Tatar said the paper industry is consolidating and companies must grow “or you go off the radar screen.”

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