USA – Mativ Holdings, Inc. has announced the successful completion of the merger of equals between Schweitzer-Mauduit International, Inc. (SWM) and Neenah, Inc. (Neenah), effective July 6, 2022.
Mativ has approximately US$3 billion in sales, supporting customers in more than 100 countries, and manufacturing capabilities on four continents.
Beginning Wednesday, July 6, 2022, the Company will commence trading on the New York Stock Exchange (NYSE) at the market open, under the new ticker symbol “MATV.”
Pursuant to the merger agreement, Neenah shareholders received 1.358 shares of SWM common stock for each share of Neenah common stock owned.
SWM’s shareholders will continue to hold their shares of SWM common stock. All SWM shares are now shares of Mativ common stock.
Julie Schertell, President and CEO of Mativ, commented: “I am extremely excited and proud to mark this important milestone in the journey of our two companies with the formation of Mativ.
“This merger is a unique opportunity to boldly reimagine our future as a stronger and faster-growing global enterprise. As we come together, we see significant near and long-term value creation opportunities to accelerate growth and amplify margins.”
Schertell also noted that the company is suited to help solve its customer’s most critical challenges, thanks to compelling strategic touch-points in key market categories, complementary geographies and technologies, increased global scale, and a passionate workforce with deep roots in material science.
She states that the company’s priorities are centered around supporting our customers, accelerating our growth, delivering the US$65 million, or more, of deal-enabled cost synergies, and driving margins and cash flows to support deleveraging and a strong dividend.
The company will continue investing in the fastest growing and most profitable business units and decisive actions to optimize its portfolio over time.
“Mativ has tremendous potential, and, as we celebrate this new beginning, I want to recognize the efforts of our outstanding employees who work tirelessly every day to push the limits of what is possible,” she added.
Commenting on the merger, Dr. John Rogers, Chairman of Mativ’s Board of Directors said: “Today marks an exciting new chapter in the rich histories of both companies, forming a scaled global leader in specialty materials to drive value for customers, employees, stakeholders, and our shareholders.”
“Mativ is committed to providing attractive returns to shareholders while maintaining a prudent balance sheet and disciplined approach to capital allocation.”
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