SWM International Closes Sale of Spotswood, New Jersey Property
Alpharetta, GA (News release) -- SWM International has finalized the sale of its former Spotswood, New Jersey facility to an undisclosed buyer, with net proceeds of approximately $35 million.
Net proceeds from the transaction will be used to reduce Company debt. As previously disclosed, the Company closed its Spotswood, NJ facility at the end of 2020 as the Company transitioned to a newly developed manufacturing technology to better support the site's key customer.
Site operations were part of the Company's Engineered Papers segment, and volumes produced in Spotswood were transitioned to other operations within the Company's global footprint that supported this new production process.