Filed by Neenah, Inc.
Pursuant to Rule 425 under the Securities Act of
1933 and Deemed Filed under Rule 14a-12 under the
Securities Exchange Act of 1934
Subject Company: Neenah, Inc.
Commission File No. 001-32240
The
following social media content was posted by Neenah, Inc. on LinkedIn on March 28, 2022.
NP-SWM NP Social Media Content
LinkedIn
We are excited to announce that Neenah and Schweitzer-Mauduit International, Inc.
(SWM) will combine to become a global leader in specialty materials.
The combination of Neenah and SWM brings together two organizations
with highly complementary technologies, geographies and product portfolios in specialty materials. Together, we will capitalize on powerful
megatrends with strong positions in large, growing segments including Filtration, Healthcare & Wellness, Protective &
Adhesive Solutions, Industrial Solutions, and Packaging & Specialty Paper. As a combined company, we will be better positioned
to serve our customers with advanced technologies, innovation and global scale. We’re excited for what the future has in store for
our two companies and our stakeholders.
Learn more about this transformative combination here.
Forward-Looking Statements
Certain of the matters discussed in this communication which are not
statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets
in which SWM and Neenah operate and beliefs of and assumptions made by SWM management and Neenah management, involve uncertainties that
could significantly affect the financial condition, results of operations, business plans and the future performance of SWM, Neenah or
the combined company. Words such as “believes,” “anticipates,” “expects,” “assumes,” “outlook,”
“intends,” “targeted,” “estimates,” “forecasts,” “projects,” “plans,”
“may,” “could,” “should,” “would,” and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying these statements. Such forward-looking statements include, but are not limited
to, statements about the strategic rationale and financial benefits of the transaction, including expected future financial and operating
results and the combined company’s plans, objectives, expectations and intentions. All statements that address operating performance,
events or developments that we expect or anticipate will occur in the future — including statements relating to projections of revenue,
income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; statements
of plans and objectives of SWM or Neenah or their respective management or Board of Directors, including those relating to products or
services; and statements of future economic performance — are forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations
reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be
attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking
statements. In addition to factors previously disclosed in SWM’s and Neenah’s reports filed with the SEC and those identified
elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking
statements or historical performance: the occurrence of any event, change or other circumstances that could give rise to the right of
one or both of SWM and Neenah to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against SWM,
Neenah or their respective directors; the ability to obtain regulatory approvals and meet other closing conditions to the merger on a
timely basis or at all, including the risk that regulatory approvals required for the merger are not obtained on a timely basis or at
all, or are obtained subject to conditions that are not anticipated or that could adversely affect the combined company or the expected
benefits of the transaction; the ability to obtain approval by SWM shareholders and Neenah shareholders on the expected terms and schedule;
difficulties and delays in integrating SWM and Neenah businesses; failing to fully realize anticipated cost savings and other anticipated
benefits of the merger when expected or at all; business disruptions from the proposed merger that will harm SWM’s or Neenah’s
business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the
announcement or completion of the merger, including as it relates to SWM’s or Neenah’s ability to successfully renew existing
client contracts on favorable terms or at all and obtain new clients; the substantial indebtedness SWM expects to incur and assume in
connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; the possibility
that SWM may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully
integrate Neenah’s operations with those of SWM; failing to comply with the applicable laws or legal or regulatory developments;
inflation, currency and interest rate fluctuations; the ability of SWM or Neenah to retain and hire key personnel; the diversion of management’s
attention from ongoing business operations; the duration and effects of the COVID-19 pandemic, general economic and business conditions,
particularly in the context of the COVID-19 pandemic; increases in maintenance and operating costs; security threats; reliance on technology
and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials;
various events which could disrupt operations, including geopolitical events, wars, conflicts, illegal blockades of rail networks, and
natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental
claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments;
timing and completion of capital programs; uncertainty as to the long-term value of the common stock of SWM following the merger, including
the dilution caused by SWM’s issuance of additional shares of its common stock in connection with the transaction; the continued
availability of capital and financing following the merger; the business, economic and political conditions in the markets in which SWM
and Neenah operate; and events beyond SWM’s or Neenah’s control, such as acts of terrorism.
Any forward-looking statements speak only as of the date of this communication
or as of the date they were made, and neither SWM nor Neenah undertakes any obligation to update forward-looking statements. For a more
detailed discussion of these factors, also see the information under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in SWM’s and Neenah’s most recent annual reports
on Form 10-K for the year ended December 31, 2021, and any material updates to these factors contained in any of SWM’s and Neenah’s
future filings with the U.S. Securities and Exchange Commission (the “SEC”).
As for the forward-looking statements that relate to future financial
results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections
and may be better or worse than projected and such differences could be material. Given these uncertainties, you should not place any
reliance on these forward-looking statements. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose
only, are not forecasts and may not reflect actual results.
Additional Information and Where to Find It
In connection with the proposed merger, SWM will file with the SEC
a registration statement on Form S-4 to register the shares of SWM’s common stock to be issued in connection with the merger. The
registration statement will include a joint proxy statement/prospectus which will be sent to the shareholders of SWM and Neenah seeking
their approval of their respective transaction-related proposals. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT
ON FORM S-4 AND THE RELATED JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4, AS WELL AS ANY AMENDMENTS
OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER,
WHEN THEY BECOME AVAILABLE, BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT SWM, NEENAH AND THE PROPOSED MERGER.
Investors and security holders may obtain copies of these documents
free of charge through the website maintained by the SEC at www.sec.gov or from SWM at its website,
www.swmintl.com, or from Neenah at its website, www.neenah.com.
Documents filed with the SEC by SWM will be available free of charge by accessing SWM’s website at www.swmintl.com
under the heading Investor Relations, or, alternatively, by directing a request by telephone or mail to SWM at 100 North Point Center
East, Suite 600, Alpharetta, Georgia 30022, Attention: Investor Relations (1-800-514-0186), and documents filed with the SEC by Neenah
will be available free of charge by accessing Neenah’s website at www.neenah.com under the
heading Investor Relations or, alternatively, by directing a request by telephone or mail to Neenah at 3460 Preston Ridge Road, Alpharetta,
Georgia 30005, Attention: Investor Relations: (678-566-6500).
Participants in the Solicitation
SWM and Neenah and certain of their respective directors, executive
officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders
of Neenah and SWM in connection with the proposed merger under the rules of the SEC. Information about SWM’s directors and executive
officers is available in SWM’s proxy statement dated March 18, 2022 for its 2022 Annual Meeting of Shareholders. Information about
Neenah’s directors and executive officers is available in Neenah’s proxy statement dated April 9, 2021 for its 2021 Annual
Meeting of Shareholders. Other information regarding the participants in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials
to be filed with the SEC regarding the merger when they become available. Investors should read the joint proxy statement/prospectus carefully
when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the SEC’s
website at www.sec.gov or from Neenah or SWM using the sources indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
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