Neenah, Inc. had completed the acquisition of Global Release Liners, S.L., the parent company of Industrias de Transformacion de Andoain, S.A. ("ITASA"), from Magnum Capital and other minority shareholders.

Neenah completes acquisition of ITASA

Neenah, Inc. had completed the acquisition of Global Release Liners, S.L., the parent company of Industrias de Transformacion de Andoain, S.A. ("ITASA"), from Magnum Capital and other minority shareholders.

The Company funded the purchase price of approximately Euro 205 million, inclusive of debt extinguishment and subject to customary closing adjustments, through available cash-on-hand and an upsizing of Neenah’s existing Term Loan B from $200 million to $450 million. Interest rates on the Term Loan B are variable and are currently at 3.5%. Neenah will continue to maintain a strong liquidity position, with ample availability under its revolving credit line and a projected debt to EBITDA of approximately three times after closing the transaction.

With manufacturing facilities in North America, Europe, the United Kingdom and Malaysia, Neenah is a leading global manufacturer of specialty materials serving customers across six continents, with headquarters in Alpharetta, GA. 

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