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Sun, Aug 25, 2019 07:17
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Management Side
Glatfelter completes sale of Specialty Papers Unit

YORK, Pennsylvania (News release) - Glatfelter announced the closing of the previously announced sale of its Specialty Papers Business Unit to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg (the "Purchaser") for $360 million. This divestiture is a significant milestone in the Company's strategic transformation to become a leading global engineered materials company.

Cash proceeds from the sale were approximately $323 million reflecting estimated purchase price adjustments as of the closing date and the assumption by the Purchaser of approximately $38 million of retiree healthcare liabilities. The purchase price is subject to a customary post-closing working capital adjustment as well as an adjustment for the final measurement of retiree healthcare liabilities. In addition, the Purchaser assumed approximately $220 million of pension liabilities relating to Specialty Papers' employees and will receive approximately $270 million of related assets from the Company's existing pension plan.

The cash proceeds from the transaction will be used to pay down debt and for general corporate purposes.

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