On December 1, Singapore's Evergreen Hill Enterprise acquired Mativ's SWM (Engineered Papers) subsidiary, which groups its fiber-based technical papers business, for $620 million.
SWM employs almost 2,000 people worldwide. It comprises eleven facilities in Asia, Latin America, the United States and Europe, including three companies in France: Les Papeteries du Mauduit (or PDM Industries) - 550 employees - located in Quimperlé in the Finistère region, and Papeteries de Saint-Girons - 270 employees - in Eycheil in the Ariège region, both of which produce specialty papers, notably for the tobacco industry, and LTR Industries - 320 employees - in Le Mans in the Sarthe region, which mainly manufactures reconstituted tobacco (LTR stands for Le Tabac Reconstitué) for cigarette manufacturers.
With its new owner, the group, which serves various industrial segments including tobacco, cannabinoids, batteries, surface protection, packaging and medical, operates under the name SWM International, headquartered in Luxembourg.
Evergreen Hill Enterprise is a subsidiary of the Indonesian BMJ group, which specializes in cigarette paper and specialty packaging. This acquisition "will open up opportunities for BMJ to collaborate with SWM in certain strategic areas, for example, but not limited to, offering complementary geographic reach and product lines, as well as comprehensive and unparalleled value to customers and stakeholders." says the parent company.
Evergreen Hill Enterprise plans to invest in SWM International's manufacturing, product and technology innovation, and sustainability.
For Mativ, according to Julie Schertell, CEO of the Singapore-based group, this sale represents an important step in the implementation of its strategy to become a leading manufacturer of specialty materials. "As we approach 2024, over 80% of our sales will come from our Advanced Technical Materials segment, where we hold strong positions in large, growing and profitable markets."
