By Sabela Ojea
Mativ is putting in place a restructuring plan to reduce costs by $40 million by the end of 2026 as it reorganizes its business structure and lays off senior employees.
The specialty materials company on Wednesday said the cost-cutting plan will help it increase cashflow and reach mid-teen earnings, before interest, taxes, depreciation and amortization margins.
The company expects to achieve an annualized run-rate of $20 million of overhead cost reduction in 2024, and an additional $20 million by the end of 2026 by reducing overhead costs by about 15% over that period of time.
The company’s turnaround plan will also be supported by its realignment efforts.
Starting this quarter, the company said it will be reorganized in…
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