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GLT

Glatfelter

$18.95

0.1 (0.53%)

07:49
06/19/18
06/19
07:49
06/19/18
07:49

Glatfelter to acquire Georgia-Pacific's European nonwovens business for $185M

Glatfelter announced it has signed a definitive agreement to purchase Georgia-Pacific's European nonwovens business for $185M, 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. Glatfelter CEO Dante Parrini said, "Steinfurt's products and technologies complement our current airlaid business very well and the acquisition provides synergistic capacity increase opportunities and an improved cost structure to support our ability to serve customers in growing consumer and industrial markets. From a financial perspective, the investment provides an attractive return on capital, is immediately accretive and will deliver attractive EBITDA margins in a growing market." In 2017, the Business generated net sales of $99M and EBITDA of $18M. The company expects to realize synergies in excess of approximately $6M per year within three years, and expects to incur one-time costs of approximately $7M 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. The closing is expected to occur during Q4.

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SUI

Sun Communities

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Proteostasis

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Nokia

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Bristol-Myers

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Philip Morris

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CMG

Chipotle

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TRNO

Terreno Realty

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MERC

Mercer

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TXT

Textron

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MET

MetLife

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0.81 (1.85%)

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MetLife names Tim Ring chief sustainability officer »

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ACHC

Acadia

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Acadia

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KKR

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CHA

China Telecom

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CHU

China Unicom

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UNH

UnitedHealth

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ATVI

Activision Blizzard

$78.25

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VJET

voxeljet

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STMP

Stamps.com

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AA

Alcoa

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ESTE

Earthstone Energy

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Earthstone Energy to host conference call »

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EGO

Eldorado Gold

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Eldorado Gold initiated  »

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BTI

British American Tobacco

$43.09

1.18 (2.82%)

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British American Tobacco rating change  »

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FRFHF

Fairfax Financial

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FMS

Fresenius Medical

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-8.37 (-16.79%)

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DCPH

Deciphera

$28.70

-0.01 (-0.03%)

09:21
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Deciphera has a conference call hosted by JPMorgan »

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BMTC

Bryn Mawr Bank

$44.65

0.15 (0.34%)

09:18
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Earnings
Bryn Mawr Bank reports Q3 adj. EPS 84c, consensus 82c »

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