Brief: Mativ Announces Proposed Sale Of Engineered Papers Business For $620 Million

Mativ Holdings

01/08/2023 12:05

Aug 1 (Reuters) - Mativ Holdings Inc  MATV.N :
    * MATIV ANNOUNCES PROPOSED SALE OF ENGINEERED PAPERS
BUSINESS FOR
$620 MILLION
    * MATIV HOLDINGS INC - COMPANY INTENDS TO USE NET SALE
PROCEEDS OF
APPROXIMATELY $575 MILLION TO REDUCE DEBT
    * MATIV HOLDINGS INC - REVISES CAPITAL ALLOCATION STRATEGY
WITH
RE-SIZED ANNUAL DIVIDEND AND NEW SHARE REPURCHASE PROGRAM
    * MATIV HOLDINGS INC - BOARD HAS APPROVED A $30 MILLION
SHARE
REPURCHASE PROGRAM
    * MATIV HOLDINGS INC - INTENDS TO ADJUST ANNUALIZED DIVIDEND
OF
$1.60 PER SHARE TO $0.40 PER SHARE
    * MATIV HOLDINGS INC - FOLLOWING DEAL, EXPECTS TO DELIVER
LONG-TERM ANNUALIZED SALES GROWTH IN 3% TO 5% RANGE
    * MATIV HOLDINGS INC - FOLLOWING DEAL, MATIV WILL NO LONGER
HAVE
EXPOSURE TO TOBACCO INDUSTRY

Source text for Eikon:  ID:nBw8lf5SYa 
Further company coverage:  MATV.N 

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