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EXHIBIT 99
PRESS RELEASE Contact: Bill Foust Paul Roberts
770-569-4203 770-569-4277
SCHWEITZER-MAUDUIT ANNOUNCES
NEW SUPPLY AGREEMENT WITH PHILIP MORRIS
Alpharetta, GA, May 31, 2000. Schweitzer-Mauduit International, Inc. (NYSE:SWM)
today announced that it has reached agreement with Philip Morris Incorporated on
an amendment of their strategic supply agreement for fine papers and related
agreements. The term of the revised agreement is from July 1, 2000 to December
31, 2004. The amended strategic supply agreement continues Schweitzer-Mauduit's
ongoing supply of tobacco-related papers to Philip Morris' U.S. operations. The
two companies have been operating under a strategic supply agreement since
January 1, 1993.
Wayne H. Deitrich, Chairman of the Board and Chief Executive Officer of
Schweitzer-Mauduit stated, "We are extremely pleased to announce the amended
strategic supply agreement with Philip Morris. This amendment underscores the
importance of the partnership relationship for both companies."
Similar to arrangements in the original strategic supply agreement, there is a
right to extend or terminate the amended strategic supply agreement by giving
notice 24 months before the end of the then-current contract term. If the
decision were to terminate, the amended contract provides for a two-year
phase-out period.
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 manufactures specialty papers for use in alkaline batteries,
vacuum cleaner bags, overlay products, business forms and printing and packaging
applications. Schweitzer-Mauduit and its subsidiaries conduct business in over
90 countries and employ 3,400 people worldwide, with operations in the United
States, France, Brazil and Canada.
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