Tom Pazdera has been named the new Vice President and General Manager of ND Paper’s Rumford Division. Pazdera brings three decades of experience with internationally recognized companies including International Paper, MeadWestvaco, Boise Paper and, most recently, as President and Unit Head of AV Terrace Bay, in Ontario, Canada, where he oversaw day-to-day operations of an 1,100 tons per day NBSK plant. “Tom brings incredible knowledge and industry experience that will prove instrumental in helping us create a new era of growth and success at our Rumford Division,” said ND Paper CEO Ken Liu. “Because beyond operations and management of our largest facility, Tom will also be critical in helping us execute the continued capital transformation program for the division and the company.” In addition to his background as a project engineer, Pazdera has guided business operations and management teams at several largescale paper manufacturing sites across the country during crucial turning points. “Tom is a proven leader of transformational organizations, because he brings the personable leadership as well as the technical knowledge to advance our operations during a critical time,” confirmed Michael LaVerdiere, ND Paper Executive Vice President and COO.
Mativ Second Quarter 2022 Highlights (reflects legacy SWM results) •Sales increased 13% to $426.4 million; organic sales growth of 11% with strong demand and pricing actions across the business driving top-line gains and offsetting cost increases •GAAP EPS of $0.36, up from $0.06; Adjusted EPS of $0.86, down 4%; Adjusted EBITDA up 1% year-over-year and up 5% sequentially. Neenah Second Quarter 2022 Highlights (not included in Mativ results) •Net sales increased 14% to $306.8 million; organic sales growth was 17%, driven by release liners, water filtration, and industrials and broad strength across the paper and packaging portfolio •GAAP operating income was $17.0 million; Adjusted EBITDA increased 14% to $36.2 million; price increases more than offset higher input costs
Commensurate with the recent divestiture of the Company’s Engineered Papers business, Mativ Holdings, Inc. 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 incurred predominantly in the first half of 2024.