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Cases & Deals

March 28, 2022

SWM and Neenah to Combine in All-Stock Transaction to Create a ~$3 Billion Global Leader in Specialty Materials

King & Spalding advised Schweitzer-Mauduit International, Inc. (NYSE: SWM) (“SWM”), a leading global performance materials company, in an agreement with Neenah, Inc. (NYSE: NP) (“Neenah”), a leading global manufacturer of specialty materials, to combine in an all-stock merger of equals with combined revenues and enterprise value each of approximately $3 billion, expanded scale and capabilities, and accelerated growth opportunities.  This transaction brings together two organizations with highly complementary technologies, geographies and product portfolios in specialty materials. The combined company will capitalize on powerful megatrends with strong positions in large, growing categories including Filtration, Healthcare & Wellness, Protective & Adhesive Solutions, Industrial Solutions, and Packaging & Specialty Paper.