ALPHARETTA, Ga. - Neenah Paper, Inc. announced 3 August 2015 that it had completed the previously announced purchase of all of the outstanding equity of ASP FiberMark, LLC ("FiberMark") from an affiliate of American Securities LLC on 1 August 2015.

FiberMark, with annual sales of over $160 million, is a specialty coating and finishing company with a strong presence in luxury packaging and overlapping technical product categories.The acquisition is expected to deliver synergies of $6 million per year within three years, with ongoing accretion (excluding one-time costs) of over $0.40 per share. The Company indicated it expects one-time costs in 2015 of approximately $5 million for transaction fees and integration.

The purchase price of $120 million, subject to adjustments for acquired cash and a working capital true up, resulted in a cash payment of $123 million at closing, and was financed through $80 million of cash on hand and the balance from available borrowing capacity on the Company's revolving credit facility.

Additional details about the acquisition will be discussed in the Company's second quarter earnings call on 6 August.