Mativ Announces Initiatives Expected to Reduce Costs by $40 Million
Mativ Holdings, Inc. (MATV)
Company Research
Source: Business Wire
ALPHARETTA, Ga.--(BUSINESS WIRE)--Commensurate with the recent divestiture of the Company’s Engineered Papers business, Mativ Holdings, Inc. (NYSE: MATV) (“Mativ” or the “Company”) today announced organizational realignment initiatives that will streamline organizational size and complexity, and leverage business-critical resources to enhance customer support. As a result of these initiatives, the Company expects to achieve an annualized run-rate of $20 million of overhead cost reduction 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 this initiative is primarily driven by workforce reductions and indexed toward senior levels of the organization. The second wave of savings will be unlocked by system integrations, further restructuring, and transactional efficiencies. The 2024 charges associated with these initiatives are estimated to be $15-$20 million, which are expected to be
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MATV
News
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- Mativ Announces Appointment of New Chair of its Board of Directors [Yahoo! Finance]Yahoo! Finance
- Mativ appoints Kimberly E. Ritrievi as new chair of its board [Seeking Alpha]Seeking Alpha
- Mativ Announces Appointment of New Chair of its Board of DirectorsBusiness Wire
- Mativ Announces Conference Call to Discuss First Quarter 2024 ResultsBusiness Wire
MATV
Earnings
- 2/21/24 - Beat
MATV
Sec Filings
- 4/30/24 - Form 4
- 4/30/24 - Form 4
- 4/30/24 - Form 4
- MATV's page on the SEC website