Mativ Announces Completion of Sale of Engineered Papers Business

Mativ Holdings, Inc. (NYSE: MATV) announced today that it has completed the sale of its Engineered Papers business to Evergreen Hill Enterprise, Pte. Ltd.

Julie Schertell, CEO of Mativ, commented, “We are very pleased with the completion of the sale of Engineered Papers. They have a great team and strategy in place for a successful future. For Mativ, this is an important part of unlocking our strategy to become a leading manufacturer of specialty materials. As we head into 2024, over 80% of our revenue will be from our Advanced Technical Materials segment, where we have strong positions in large, growing, profitable markets.”

The net impact of the transaction on Mativ’s debt is expected to be a reduction of more than $600 million, which equates to approximately 35% of Mativ’s outstanding debt balance as of the end of the third quarter, and is subject to customary post-closing adjustments. This debt reduction is expected to be effective early December 2023.

“This transaction fully aligns with our commitment to continued debt reduction and operational focus in attractive markets that accelerate our growth and expand our margins,” stated Schertell. “It marks a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders.”
https://ir.mativ.com/news/news-details/2023/Mativ-Announces-Completion-of-Sale-of-Engineered-Papers-Business/default.aspx

Related Posts

Crown Van Gelder Publishes 2020 Sustainability Report

2020 was a turbulent year and 2021 still is. Everybody around the world is dealing with the massive impact of the Corona (COVID-19) virus. It also impacted the results of Crown Van Gelder in 2020 but we were able to write black figures. Our priority was to protect the health of our employees and maintain the service to our customers within the given circumstances. After two years of research in 2020 Crown Van Gelder developed Crown Native with the Dutch agricultural cooperative Cosun Beet Company as a strategic partner. The agricultural process residue from Cosun’s production process, beet pulp, forms a valuable resource for the paper and Crown Van Gelder succeeded in creating paper made out of 20% beet pulp, thus achieving environmental gains in several areas. Crown Van Gelder will start selling paper made with sugar beet fibres in 2021.

Stora Enso enters into strategic partnership with Swedish University of Agricultural Sciences

Stora Enso has signed a strategic partnership agreement with the Swedish University of Agricultural Sciences (SLU). Through the agreement Stora Enso and SLU intend to establish a long-term collaboration in research and development, education, competence building, and innovation within the fields of forestry and bio-based materials. The main objective of the collaboration is to jointly drive research projects to develop new knowledge within sustainable forestry and wooden biomaterials. Special focus areas include bio-based materials, forest and ecosystem management, forest technology and plant- and forest production. Moreover, the collaboration will act to strengthen competence development of staff members at Stora Enso and SLU. Click Read More below for additional information.

Fortress Paper Provides Operational Update on its Landqart Mill

Fortress Paper Ltd. announces that its wholly-owned subsidiary, Landqart AG, has received notices from one of its significant international customers cancelling that portion of purchase orders which were scheduled for production and delivery by the Landqart Mill in the fourth quarter of 2017 and in fiscal 2018. The cancelled purchase orders represent approximately 16% of the budgeted order book at the Landqart Mill for fiscal 2017 and 30% for fiscal 2018. Despite other suppliers experiencing similar cancellations, Landqart continues to have dialogue with the customer to potentially reinstate all or a portion of the cancelled orders over an extended period of time within fiscal 2018. There are no assurances that any reinstatement will be forthcoming. Management is seeking to fill the production void caused by the cancellations and is deploying various strategies, including: (a) pulling forward existing purchase orders, (b) seeking new orders from existing and new customers, and (c) requesting special one-time supplemental orders from existing customers for immediate production. Click Read More below for additional information.
Back To Top
×Close search
Search