Neenah, SWM finalize merger and choose new company name

Two Alpharetta-based global manufacturers have finalized their merger and chosen a new name.  

Schweitzer-Mauduit International Inc. (NYSE: SWM) bought Neenah Inc. (NYSE: NP) in an all-stock deal described by the companies as a “merger of equals” in the March announcement. 

The combined company — now called Mativ Holdings Inc. (NYSE: MATV) — is expected to have revenues around $3 billion and about 7,500 employees. The new company began trading on the New York Stock Exchange for $23.54 on the morning of July 6. 

The merger brings together two companies that were spun off from the operations of paper products giant Kimberly-Clark Corp. (NYSE: KMB) — SWM in the mid-1990s and Neenah in 2004.  

Julie Schertell, former president and CEO of Neenah, is now president and CEO of Mativ. Omar Hoek, who previously served as SWM’s executive vice president for engineered papers, is now the chief operating officer.  

As part of the merger, SWM CEO Jeff Kramer resigned from his position. Kramer will serve as a strategic advisor to Schertell for a year with a monthly payment of $166,666, according to a July 5 filing with the U.S. Securities and Exchange Commission. 

The deal is expected to generate $65 million in annual cost savings within 36 months after closing through "organizational optimization, procurement, and other supply chain efficiencies, and redundant public company costs," according to the March announcement. 

Based on last year's revenue figures, Mativ would have ranked as the 28th-largest public company in Georgia. 

Under the terms of the agreement, shareholders of Neenah will receive 1.358 shares of SWM common stock for each share of Neenah common stock owned. SWM shareholders own approximately 58% of the combined company, and Neenah shareholders own approximately 42% of the combined company, in each case, on a fully diluted basis. 

SWM makes films, adhesive tapes, foams, nets, nonwovens and papers using resins, polymers and natural fibers for a variety of industries and specialty applications. Its subsidiaries manufacture on four continents and conduct business in more than 90 countries.  

Neenah makes filtration media, specialty coatings, engineered materials, and imaging and packaging products. It has manufacturing facilities across North America, including nine in the United States, and Europe, and serves customers across six continents. It has no manufacturing facilities in Georgia.