Glatfelter has completed acquisition of Georgia-Pacific’s European nonwovens business for $185 million, subject to customary purchase price adjustments, as the company said in the press release received by Lesprom Network.
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.
Credit Suisse acted as the financial advisor in connection with the transaction, and Shearman & Sterling LLP as legal advisor.
Glatfelter is a global supplier of specialty papers and engineered materials, offering innovation, world-class service and over a century and a half of technical expertise.
