We are organized into two primary businesses: a performance-based technical products
business and a premium fine paper and packaging business (formerly known as the
fine paper business). On January 1, 2015, we changed the name of our fine paper
business to fine paper and packaging. The name change better reflects the increasing
importance, and plans for continued growth, of our premium packaging products.
Our technical products business is a leading international producer of performance-based
substrates such as filtration media for transportation, water and other filtration
markets, and saturated and coated performance materials used for industrial
backings, labels and a variety of other end markets. The business is focused
on categories where we believe we are a market leader or have a competitive
advantage, including, among others, transportation, water and other filter media,
specialty tape, label, abrasive, image transfer and customer-specific applications
used in durable print and other applications. Our customers are located in more
than 70 countries. Our technical products manufacturing facilities are located
in Munising,
We believe our fine paper and packaging business is the leading supplier of
premium printing and other high end specialty papers in North America. We are
also focused on increasing our presence in international markets. Our premium
writing, text, cover and specialty papers are used in commercial offset and
digital printing and imaging applications for corporate identity packages, invitations,
personal stationery, premium labels and luxury packaging. Our bright papers
are used in applications such as direct mail, advertising inserts, scrapbooks
and marketing collateral. Our products include some of the most recognized and
preferred fine paper brands and we enjoy leading market positions in many of
our product categories. We sell our products primarily to authorized paper distributors,
as well as through converters, specialty businesses and major retail customers.
Our fine paper and packaging manufacturing facilities are located in Appleton,
Neenah and Whiting, Wisconsin; and Canton, Ohio. In addition, certain products
manufactured in shared facilities acquired in the FiberMark Acquisition support
our fine paper and packaging business.
Neenah Paper FVC, LLC is a Delaware limited liability company and wholly owned
subsidiary of Neenah that owns all of the equity of Neenah Paper FR, LLC. Neenah
Paper FR, LLC is a Delaware limited liability company that owns the real estate,
mills and manufacturing assets associated with our fine paper and packaging
operation in Appleton, Wisconsin.
Neenah Paper International Holding Company, LLC is a Delaware limited liability
company and wholly owned subsidiary of Neenah that owns all of the equity of
Neenah Paper International, LLC. Neenah Paper International, LLC is a Delaware
limited liability company that owns all of the equity of Neenah Germany GmbH
and in conjunction with Neenah Germany GmbH all of the equity of Neenah Services
GmbH & Co. KG.
NPCC Holding Company LLC is a Delaware limited liability company and wholly
owned subsidiary of Neenah that owns all of the equity of Neenah Paper Company
of Canada ("Neenah Canada"). Neenah Canada is a Nova Scotia unlimited
liability corporation that holds certain post-employment liabilities of our
former Canadian operations.
Neenah Paper International Finance Company BV is a private company with limited
liability organized under the laws of the Netherlands and a wholly owned subsidiary
of Neenah that facilitates the financing of our international operations.
Neenah Filtration, LLC is a Delaware limited liability company and wholly owned
subsidiary of Neenah that owns all of the equity of Neenah Technical Materials,
Inc. ("NTM") and Neenah Filtration Appleton, LLC ("NFA").
NTM is a Massachusetts corporation that owns all of the real estate, mills and
manufacturing assets associated with our technical materials business in Pittsfield.
Massachusetts. NFA is a Delaware limited liability company that owns certain
assets associated with our filtration business in Appleton, Wisconsin.
Neenah FMK Holdings, LLC is a Delaware limited liability company and a wholly
owned subsidiary of Neenah that owns all of the equity of ASP FiberMark, LLC
("ASP"). ASP is a Delaware limited liability company that owns all
of the equity of FiberMark North America, LLC ("FMK") and ASP FiberMark
UK Limited, a United Kingdom corporation ("FMKUK"). FMK is a Delaware
limited liability company that owns certain real estate, mills and manufacturing
assets associated with our fine paper and packaging business and technical products
business located in Brattleboro, Vermont, West Springfield, Massachusetts, Quakertown
and Reading, Pennsylvania, Brownville and Lowville, New York and Canton, Ohio.
FMKUK is a United Kingdom corporation that owns all of the equity of FiberMark
Red Bridge International Limited ("Redbridge"). Redbridge is a United
Kingdom corporation that owns all of the real estate, manufacturing assets and
inventory associated with our technical products business in Bolton, England.
Our mission is to create value by improving the image and performance of everything
we touch. We expect to create value by growing in specialized niche markets
that value performance or image and where we have competitive advantages. In
managing our businesses, we believe that achieving and maintaining a leadership
position in our markets, responding effectively to customer needs and competitive
challenges, employing capital optimally, controlling costs and managing risks
are important to our long-term success. Strategies to deliver value include:
Leading in profitable, specialty niche markets — We will increase our
participation in niche markets that can provide us with leading positions and
value our core competencies in performance-based fiber and non-woven media production,
coating and saturating. Key markets include filtration, specialty backings and
technical products, and premium fine paper and packaging.
Increasing our size, growth rate and portfolio diversification — We will
invest and focus resources in higher growth specialty markets to grow with customers
in new geographies and to enter into adjacent markets that are growing and profitable.
We will do this both through organic initiatives that build on our technologies
and capabilities, and through acquisitions that fit with our competencies and
provide attractive financial returns.
Delivering consistent, attractive returns to our shareholders with disciplined
financial management — We will continue to use Return on Invested Capital
("ROIC") as a key metric to evaluate investment decisions, measure
our performance, maintain a prudent capital structure and deploy cash flows
in ways that can provide value, including direct cash returns to shareholders
through a meaningful dividend.