Shares of specialty materials company, Mativ Holdings, Inc. (MATV) are surging more than 13% Tuesday morning after announcing the proposed sale of its Engineered Papers business for $620 million to Evergreen Hill Enterprise, Pte. Ltd.
Net proceeds of about $575 million in the proposed transaction, which is binding on Evergreen, would be primarily used for paying down debts.
The transaction is expected to close in the fourth quarter of 2023.
MATV is at $17.65 currently. It has traded in the range of $13.92 - $28.99 in the last 52 weeks.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.