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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 15, 1998
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SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-13948 62-1612879
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
100 NORTH POINT CENTER EAST, SUITE 600 30022-8246
ALPHARETTA, GEORGIA ----------
- ------------------- (Zip Code)
(Address of principal executive offices)
(Registrant's telephone number, including area code): 1-800-514-0186
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
The information in the registrant's press release dated April 15, 1998 attached
as Exhibit 99 incorporated in this Item 5 by reference.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
See the Index to Exhibits that appears at the end of this document and
which is incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
(Registrant)
By: /s/ WILLIAM J. SHARKEY
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William J. Sharkey
General Counsel and Secretary
April 20, 1998
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SCHWEITZER-MAUDUIT INTERNATIONAL, INC.
CURRENT REPORT ON FORM 8-K
DATED APRIL 15, 1998
INDEX TO EXHIBITS
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<CAPTION>
EXHIBIT NO. DESCRIPTION
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99 Press Release of Schweitzer-Mauduit International, Inc. issued April 15, 1998.
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EXHIBIT 99
PRESS RELEASE Contact: Bill Foust Paul Roberts
- ------------- 770-569-4203 770-569-4277
SCHWEITZER-MAUDUIT ANNOUNCES JOB ELIMINATION AND
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EARLY RETIREMENT PROGRAM AT ITS SPOTSWOOD, NJ FACILITY
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Alpharetta GA, April 15, 1998. Schweitzer-Mauduit International, Inc.
(NYSE:SWM) today announced that its Spotswood, New Jersey, hourly employees,
represented by Local 1482 of the United Paperworkers International Union, have
approved a plan that will provide for substantial work rule and labor agreement
changes, a special voluntary retirement program for certain hourly employees,
and will result in the elimination of 67 positions.
The voluntary retirement program will have an approximate cost of $2 million,
depending upon the number, age and service of employees electing the program,
which is anticipated to be expensed in the second quarter. The 1998 cost
savings associated with the position eliminations and work rule changes, net of
the retirement program costs, are expected to range from $.5 to $1.0 million.
These anticipated cost savings will partially offset inefficiencies in mill
operations resulting from recent reductions in mill production volumes. On an
ongoing basis, the net annualized cost savings are projected to be approximately
$5 million.
Dan Whitfield, President-U.S. Operations said, "The agreement is the result of
a joint effort by local union representatives and mill management to improve
the efficiency of the mill by addressing the number of employees required to
continue to produce quality papers and by eliminating certain costly and
unnecessary work practices--all needed to make the mill more competitive. This
cooperative team effort by everyone represents a major step forward to reduce
cost while maintaining high productivity, quality products and customer
service."
The Spotswood mill produces cigarette papers and other products for the tobacco
industry. Its hourly work force will be reduced over the next ninety (90) days
to approximately 360 employees after the positions are eliminated.
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. It also manufacturers specialty papers for use in alkaline
batteries, vacuum cleaner bags, business forms, and printing and packaging
applications. Schweitzer-Mauduit and its subsidiaries conduct business in over
80 countries and employ 3,500 people worldwide, with operations in the United
States, France, Brazil and Canada.
Certain comments contained in this news release concerning projections,
estimates, approximations and anticipated results of the modifications to the
work rules, labor agreement and the early retirement program and their impact
on the Spotswood mill's financial and operating results constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and are subject to the safe harbor created by
that Act. The forward-looking statements are based upon management's
expectations and beliefs concerning future events impacting the Company. There
can be no assurances that such events will occur or that the results and costs
will be as estimated. Many factors outside the control of the Company such as
the demographics and number of employees participating in the early retirement
program also could impact the realization of such projected estimates and
anticipated results or costs.
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