Andritz AG has signed a merger agreement to acquire Xerium Technologies, Inc., headquartered in Youngsville, North Carolina, USA. Andritz will acquire Xerium Technologies, Inc. for $13.50 per share in cash, in a transaction valued at approximately $833 million, including net financial liabilities of approximately $590 million.
The agreement, which has been unanimously approved by Xerium’s Board of Directors, is subject to the approval of Xerium’s shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals. Shareholders representing approximately 20% of Xerium’s outstanding common stock have entered into an agreement to vote in favor of the merger. Closing is expected in the second half of 2018.
Xerium is a global manufacturer and supplier of machine clothing (forming fabrics, press felts, drying fabrics) and roll covers for paper, tissue, and board machines, including maintenance and aftermarket services.
