YORK, Pa. (New release) -- Glatfelter has signed a definitive agreement to purchase Georgia-Pacific's European nonwovens business for $185 million, subject to customary purchase price adjustments.
The proposed 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, competing in the marketplace with nonwoven technologies and substrates, as well as other materials focused primarily on consumer based end-use applications. The Steinfurt facility is a state-of-the-art, 32,000-metric-ton-capacity manufacturing facility that employs approximately 220 people.
The Company expects to realize synergies in excess of approximately $6 million per year within three years, and expects to incur one-time costs of approximately $7 million for transaction fees and integration.
Glatfelter plans to finance the acquisition through a combination of cash on hand and borrowing under its existing revolving credit facility.
The proposed transaction is subject to customary closing conditions, including receipt of required regulatory approvals. Credit Suisse acted as the financial advisor in connection with the transaction, and Shearman & Sterling LLP as legal advisor. The closing is expected to occur during the 4Q.
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