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Jump to full article: PR Newswire, 2008-07-01
Author: SOURCE Schweitzer-Mauduit International, Inc.
Intro: Schweitzer-Mauduit
International, Inc. (NYSE: SWM) today announced changes to its Brazilian
operations including the exit of the coated papers business and a resulting
decrease of approximately 100 employees, or 16 percent of the current
workforce, both effective immediately. This announcement will result in
restructuring expenses totaling approximately $3.3 million comprised of
$1.8 million in fixed asset impairment charges and $1.5 million for cash
employee severance and other payments. The restructuring expenses are
expected to be recognized during the second and third quarters of 2008. . . .
we have decided to exit the coated papers business in Brazil and
to concentrate on our core tobacco-related fine papers business. We expect
that the combination of exiting the coated papers business in Brazil, in
addition to the previously announced plan to raise the selling prices of
tobacco-related fine papers throughout the North, Central and South
American markets, will restore a modest level of profitability in our
Brazilian business by early 2009.
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