Mativ Holdings (MATV) has released an update to notify the public and investors about termination and asset disposition expenses.
Mativ Holdings, Inc.’s Board of Directors approved an organizational realignment plan aimed at streamlining operations and enhancing customer support by reorganizing into two new segments and reducing the workforce, especially at senior levels. The initial changes are expected to yield $20 million in annual overhead cost savings in 2024, with the company incurring $15-20 million in restructuring charges primarily for severance and related benefits. Further efficiency measures are anticipated to deliver an additional $20 million in savings by the end of 2026, totaling a 15% reduction in overhead costs. However, future costs and charges are currently indeterminate and will be reported in an amended filing once estimated.
For further insights into MATV financials, check out TipRanks’ Financials page.
