Total European shipments of graphic papers in September 2020 were down 15.0% vs. September 2019 and year-to-date shipments are down 20.0%. Total European shipments of newsprint in September 2020 were down 14.8% vs. September 2019 and year-to-date shipments are down 18.0%. Total European shipments of sc-magazine in September 2020 were down 12.1% vs. September 2019 and year-to-date shipments are down 19.1%. Total European shipments of coated mechanical reels in September 2020 were down 23.4% vs. September 2019 and year-to-date shipments are down 27.6%. Total European shipments of uncoated mechanical (improved & others) in September 2020 were down 2.6% vs. September 2019 and year-to-date shipments are down 9.0%. Total European shipments of coated woodfree in September 2020 were down 23.0% vs. September 2019 and year-to-date shipments are down 26.4%. Total European shipments of uncoated woodfree in September 2020 were down 7.1% vs. September 2019 and year-to-date shipments are down 14.9%.
Schweitzer-Mauduit International, Inc. (NYSE: SWM) (“SWM”) and Neenah, Inc. (NYSE: NP) (“Neenah”), two leading global manufacturers of specialty materials, today announced the future executive leadership team and operating structure for the combined company, effective upon completing their pending merger.
Executive Leadership Team
As previously announced, Julie Schertell, President and Chief Executive Officer of Neenah, will serve as President, Chief Executive Officer, and a member of the Board of Directors. Dr. Jeff Kramer, Chief Executive Officer of SWM, will serve as a strategic advisor. John D. Rogers, Non-Executive Chairman of the SWM Board, will serve as Non-Executive Chair of the Board of Directors. The senior leadership team announced today includes:
Omar Hoek, Chief Operating Officer
Andrew Wamser, Chief Financial Officer
Ricardo Nuñez, General Counsel, Secretary & Chief Compliance Officer
Natalie Poteran, Chief Transformation Officer
Sarma Malladi, Chief Information Officer
Mike Rickheim, Chief Human Resources & Administrative Officer
Two Reporting Segments
Upon closing, the new company will report results from two reporting segments: Advanced Technical Materials and Fiber-Based Solutions. The Advanced Technical Materials segment will deliver solutions that filter and purify air and liquids, support adhesive and protective applications, advance healing and wellness, and solve some of material science’s most demanding performance needs. The Fiber Based Solutions segment will leverage the combined company’s extensive natural fiber capabilities to provide specialty solutions for various end-uses, including sustainable packaging, imaging & communications, home & office, consumer goods, and other applications.
“Establishing this leadership team and business structure is an important milestone in bringing together our two talented organizations,” said Schertell. “The merger of Neenah and SWM has tremendous potential, driven by the compelling strategic fit of our businesses, significant synergy opportunity, and benefits of additional scale. With a broader portfolio of products, expanded technology suite, and enhanced geographic presence, we will be stronger together and well-positioned for growth. We are combining our collective leadership strengths, capabilities, and experiences to assemble a powerful executive team that will drive growth, expand our position as a leader in specialty materials, and deliver on the promise of our combination, creating value for our customers, employees, and shareholders.”
Dr. Kramer commented, “Having a strong and experienced leadership team on day one is critical as we work to deliver on the substantial, attainable value-creating opportunities ahead and realize the full potential of this transformational merger. As Julie and I work together, our goal is to create a unified model to deliver on the promise of this combination. I look forward to continued progress on our integration plans as we build a company that is well-positioned to succeed with a best-in-class product portfolio and deep expertise in material science and engineering technologies that will drive innovation and solve our customers’ toughest challenges.”
As previously announced, on March 28, 2022, SWM and Neenah agreed to combine in an all-stock merger of equals to create a ~$3 Billion global leader in specialty materials and solutions. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) expired on May 12, 2022, satisfying one of the conditions to the closing of the transaction. The transaction is expected to close in the second half of 2022, subject to Neenah and SWM shareholder approval and other customary closing conditions.