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- First quarter 2009 diluted earnings per share expected to be in the range of $0.80 - $0.90 - Closure of French finished tipping facility
Jump to full article: PR Newswire, 2009-04-20
Intro: Schweitzer-Mauduit International, Inc. (NYSE: SWM) announced today expected improvement in first quarter 2009 financial results and the planned closure of its finished tipping paper production facility in France.
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Mr. Frederic Villoutreix, Chairman of the Board and Chief Executive Officer, commented that, "We believe the expected improvement in first quarter results validates our strategy to revitalize our base tobacco-related paper business while aggressively growing the franchises for our higher value lower ignition propensity cigarette paper and reconstituted tobacco leaf products. The divestiture action being announced today, although regrettable in terms of the impact on the employees and communities affected, further advances this strategy and highlights our resolve to rationalize our global manufacturing footprint and re-focus resources to achieve leading positions in core product categories that provide opportunity for competitive advantage. Following the divestiture of our finished tipping paper facility in France, all of Schweitzer-Mauduit's focus will be on product lines that represent core technologies and in which we hold a number one or two world-wide market position, whether measured by share of the market or major customer's requirements."
Schweitzer-Mauduit International, Inc. is a diversified producer of premium specialty papers and the world's largest supplier of fine papers to the tobacco industry.
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