Company: MATV
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001000623-25-000009
Chunk: 77

Company: Mativ Holdings, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 77
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.3%, compared to the prior year period which reflected favorable relative net selling price and input cost performance, partially offset by lower volume/mix. FAM gross profit decreased $22.5 million, or 11.4% and SAS gross profit increased $30.8 million, or 19.4%. 

Nonmanufacturing Expenses

The following table presents nonmanufacturing expenses (in millions):

 Percent ChangePercent of Net Sales20242023Change20242023Selling and general expense$233.8 $263.9 $(30.1)(11.4)%11.8 %13.0 %Research and development expense23.0 21.2 1.8 8.5 %1.2 %1.0 %Intangible asset amortization expense62.9 61.0 1.9 3.1 %3.2 %3.0 %Nonmanufacturing expenses$319.7 $346.1 $(26.4)(7.6)%16.2 %17.0 %

Nonmanufacturing expenses of $319.7 million during the year ended December 31, 2024 decreased $26.4 million, or 7.6%, compared to the prior year period primarily driven by lower integration related and divestiture costs, and savings from the Plan.

39

Restructuring and Other Impairment Expense

The following table presents restructuring and other impairment expense by segment (in millions):

 Percent of Net Sales20242023Change20242023FAM$5.7 $2.8 $2.9 0.7 %0.4 %SAS29.0 19.4 9.6 2.4 %1.6 %Unallocated expenses3.4 0.4 3.0 Total$38.1 $22.6 $15.5 1.9 %1.1 %

The Company incurred total restructuring and other impairment expense of $38.1 million in the year ended December 31, 2024, compared to $22.6 million in the year ended December 31, 2023, an increase of $15.5 million.  

In January 2024, we announced the Plan that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to