Mativ Emerges as $3B Specialty Materials Powerhouse After Schweitzer-Mauduit and Neenah Merger Completion

Two industry heavyweights have officially joined forces. On July 6, 2022, Schweitzer-Mauduit International and Neenah completed their merger, creating Mativ Holdings, Inc.—a formidable player in the global specialty materials market. The newly formed entity started trading on the New York Stock Exchange under ticker symbol MATV, instantly positioning itself as a scaled competitor with approximately $3 billion in annual sales.

The Strategic Foundation Behind the Deal

The merger represents a calculated move to build competitive advantage through complementary strengths. Neenah shareholders received 1.358 shares of Schweitzer-Mauduit International stock per share held, while existing SWM shareholders maintained their positions (now converted to Mativ shares). Rather than viewing this as a traditional acquisition, industry observers recognize it as a merger of equals—a deliberate combination of two specialized manufacturers with distinct but synergistic capabilities.

“This is a unique opportunity to boldly reimagine our future as a stronger and faster-growing global enterprise,” explained Julie Schertell, the company’s President and CEO. The combined organization now reaches customers across more than 100 countries with manufacturing operations spanning four continents and a workforce exceeding 7,500 employees worldwide.

Operational Architecture: Two Power Segments

Mativ’s business structure reflects the diversity of its combined operations. The company will report through two primary divisions:

Advanced Technical Materials (ATM) incorporates five specialized units: Filtration, Protective Solutions, Release Liners, Healthcare, and Industrials. This segment merges Schweitzer-Mauduit International’s legacy Advanced Materials and Structures division with Neenah’s Technical Products business, creating a powerhouse focused on air and liquid filtration, adhesive applications, medical advancement, and high-performance material solutions.

Fiber-Based Solutions (FBS) combines two units—Engineered Papers and Packaging plus Specialty Paper—leveraging the combined natural fiber expertise of both predecessor companies. This division targets sustainable packaging, communications media, office products, and consumer goods applications, positioning Mativ to capture growing demand for eco-conscious specialty materials.

Financial Targets and Value Creation

The merger carries a clear financial mandate. Management has outlined plans to deliver a minimum of $65 million in cost synergies, with additional upside opportunities to accelerate revenue expansion. Dr. John Rogers, Chairman of the Board, emphasized that Mativ would “maintain an attractive financial profile” while executing “a well-defined strategy” and demonstrating “prudent capital allocation.”

The company has committed to announcing its inaugural dividend in conjunction with second-quarter earnings results, subject to board approval. Beginning in Q3 2022, consolidated financial reporting will commence on a standard quarterly basis.

What This Merger Means for the Market

The formation of Mativ through Schweitzer-Mauduit International and Neenah’s union creates meaningful market implications. The company’s dual-segment approach addresses fragmented customer needs—from high-tech filtration and protective applications to traditional and sustainable specialty papers. By combining Schweitzer-Mauduit International’s technical innovation prowess with Neenah’s established paper capabilities, Mativ now competes as a diversified specialty materials provider rather than a single-focus manufacturer.

The $65+ million cost synergy target suggests management confidence in integration success. Combined with revenue acceleration opportunities and geographic breadth, this positions Mativ to reinvest in faster-growing business units while optimizing its overall portfolio over time.

Execution Roadmap Ahead

The immediate focus centers on customer support, growth acceleration, and deleveraging. Management will prioritize realizing anticipated cost savings while maintaining operational excellence across the expanded global footprint. The leadership team—described as “exceptional, diverse, and experienced”—has assembled to guide integration efforts and deliver on merger promises.

With over 7,500 employees distributed globally and capabilities spanning materials science, polymers, fibers, and resins, Mativ enters the market as a scaled entity designed to solve complex customer challenges across diversified end-markets. The Schweitzer-Mauduit International and Neenah combination represents more than corporate restructuring—it’s a strategic repositioning in the specialty materials sector.