Manufacturers Neenah Inc. and SWM agree to merger

The two global organizations have complementary technologies, geographies and product portfolios in specialty materials. The combined company will capitalize on strong positions in large, growing categories including filtration, healthcare & wellness, protective & adhesive solutions, industrial solutions, and packaging & specialty paper.

Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, shareholders of Neenah will receive 1.358 shares of SWM common stock for each share of Neenah common stock owned. Following the closing of the transaction, SWM shareholders will own approximately 58 percent of the combined company, while Neenah shareholders will own about 42 percent.

 

The benefits of the merger include a significantly broadened customer base, product lines and technical expertise, as well as combining strong teams and company cultures, Kramer said. 

 

“Merging our two companies enhances our ability to grow and solve the needs of our customers for demanding, innovative products that address global challenges such as the necessity for clean water and air, sustainable alternatives, and enhanced health and wellness,” said Julie Schertell, president and CEO of Neenah. 

The combined company will remain headquartered in Alpharetta, Georgia. Upon close, Schertell, will serve as president and CEO. Kramer will serve as a strategic advisor for the combined company. A new name for the combined company will be selected in connection with the merger.

The new board will consist of nine directors, five of whom will be from the SWM board and four of whom will be from the Neenah board, including Schertell. John D. Rogers, non-executive chairman of the SWM board, will serve as non-executive chair of the combined company’s board of directors.

The merger is expected to close in the second half of 2022.