SWM and ConvaTec Enter Long-Term Supply Agreement

Rhea-AI Summary

Schweitzer-Mauduit International (SWM) and ConvaTec Ltd. have entered into a multi-year supply agreement as part of an amicable resolution to ongoing litigation. The agreement signifies a renewed partnership, leveraging SWM’s subsidiary Scapa Healthcare's expertise in advanced wound care products. While the specific terms of the settlement are undisclosed, both companies expressed optimism about collaborating to enhance product offerings in the marketplace, aiming for excellence and innovation in their services.

Positive

• Reestablishment of a long-term commercial relationship with ConvaTec.
• Renewed commitment to collaboration and innovation in advanced wound care.
• Potential for increased revenue streams from the new supply agreement.

Negative

• None.

Agreement in Conjunction with Amicable Settlement to Legal Dispute that Pre-Dated SWM's Acquisition of Scapa

Alpharetta, GA, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Schweitzer-Mauduit International, Inc. (“SWM” or “SWM International”) and ConvaTec Ltd. (“ConvaTec”) are pleased to announce that they have entered into a multi-year supply agreement in conjunction with their amicable resolution of pending litigation between the companies. Terms of the settlement and the commercial agreement were not disclosed.

John Petreanu, President – Scapa Healthcare commented, “We are pleased to restart this long-term commercial relationship with ConvaTec, a leader in advanced wound care and ostomy products. SWM’s subsidiary Scapa Healthcare has a lengthy history of delivering superior service and high-quality products that have supported ConvaTec over the years, and we welcome this opportunity to move forward together with a renewed sense of partnership and collaboration.”

Kevin Mason, Vice President, Global Procurement of ConvaTec, commented, “SWM and ConvaTec have a shared a commitment to excellence, quality, and innovation. We are pleased to have reached a positive resolution and look forward to teaming up again with Scapa to deliver outstanding products to the marketplace.”   

About SWM:
SWM is a leading global performance materials company, focused on bringing best-in-class innovation, design, and manufacturing solutions to our customers. Our highly engineered films, adhesive tapes, foams, nets, nonwovens, and papers are designed and manufactured using resins, polymers, and natural fibers for a variety of industries and specialty applications. SWM and its subsidiaries manufacture on four continents, conduct business in over 90 countries and employ approximately 5,000 people worldwide. For further information, please visit SWM’s website at www.swmintl.com.

SWM’s Scapa Healthcare business is the trusted strategic partner of choice for the world’s leading companies in advanced wound care, consumer wellness and medical device & fixation. Our strategy is to collaborate with industry leaders to develop and manufacture innovative skin friendly medical device fixation and topical solutions. Through pursuing these collaborations, Scapa now provides integrated services to the top global MedTech companies. Our state-of-the-art facilities enable Scapa Healthcare to offer customers the whole spectrum of production services from inception through to market delivery. For more information visit: scapahealthcare.com or email healthcare@scapa.com

About ConvaTec:

ConvaTec is a global medical products and technologies company focused on solutions for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion care. Our vision, which encompasses our purpose, is: Pioneering trusted medical solutions to improve the lives we touch. Our products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com

FAQ

What is the significance of the agreement between SWM and ConvaTec?

The agreement marks the resolution of litigation and reestablishes a multi-year supply partnership, enhancing collaboration in advanced wound care.

When was the supply agreement between SWM and ConvaTec announced?

The supply agreement was announced on January 24, 2022.

What does SWM's subsidiary Scapa Healthcare specialize in?

Scapa Healthcare specializes in advanced wound care products and medical device fixation.

What are the potential impacts of the new supply agreement on SWM's stock?

The new supply agreement could potentially lead to increased revenues and stability in SWM's market position.