Mativ Holdings, the advanced fabrics and speciality materials company formed by the merger of Schweitzer-Mauduit International (SWM) and Neenah in 2022, is making cuts to save an annual $20 million in 2024 and an additional $20 million by the end of 2026, effectively reducing overhead costs by approximately 15% over that timeframe.

The first wave of cuts will be driven by workforce reductions aimed at senior levels of the organisation followed by a series of system integrations, further restructuring and transactional efficiencies.

The company, headquartered in Alpharetta, Georgia, is now being reorganised into two new segments – Filtration and Advanced Materials, and Sustainable and Adhesive Solutions.

“The two consolidated segments, in addition to reducing organisational complexity and enabling substantial cost savings, will allow us to better support our customers through increased cross-selling opportunities, shared technologies and leveraging selling, marketing and R&D expertise,” said Julie Schertell, president and CEO of Mativ. “We are continuing to aggressively drive our portfolio towards higher growth and higher margins. This started with the merger in mid-2022, followed by the divestiture of Engineered Papers in late 2023. Now is the right time to resize our non-operating costs, and while this is never an easy task, it is important for our future.”

www.mativ.com