Alpharetta, Georgia, USA, 01 April 2011 -- SWM (NYSE: SWM) today announced that its board of directors has authorized the repurchase of up to USD 75 million in SWM common stock, effective through 31 December 2011. This is in addition to the USD 30 million in share repurchases completed earlier in 2011.
To effect this authorization, SWM will undertake actions, including removing current credit facility limits, necessary to initiate repurchases at the earliest possible time. Financing of the up to USD 75 million in share repurchases will be accomplished through SWM's ongoing cash generation and credit facilities.
SWM is a diversified producer of premium specialty papers for the tobacco industry. It also manufactures specialty papers for other applications. SWM and its subsidiaries conduct business in more than 90 countries and employ 2800 people worldwide, with operations in the United States, France, Brazil, the Philippines, Indonesia, Canada, Poland, and a joint venture in China. For further information, visit www.swmintl.com.