YORK, Pennsylvania (News release) - Glatfelter announced it has completed the previously announced acquisition of Georgia-Pacific's European nonwovens business for $185 million, subject to customary purchase price adjustments.
The transaction includes Georgia-Pacific's operations located in Steinfurt, Germany, along with sales offices located in France and Italy. The Steinfurt facility produces high-quality airlaid products for the table-top, wipes, hygiene, food pad, and other nonwoven materials markets, as well as other materials focused primarily on consumer applications. The Steinfurt facility is a state-of-the-art, 32,000-metric-ton-capacity manufacturing facility that employs approximately 220 people. Glatfelter financed the acquisition through a combination of cash on hand and borrowing under its existing revolving credit facility.
"This expansion of our nonwovens business represents another milestone in our transformation to become a leading global engineered materials company," said Dante C. Parrini, Chairman and Chief Executive Officer of Glatfelter. "This acquisition is an excellent complement to Glatfelter's existing business and provides immediate financial benefit. Moving forward, we will continue to focus on accelerating the growth of our engineered materials businesses."
