Glatfelter has signed a final agreement to acquire G-P’s nonwovens business in the United States for us $175 million. The final price is subject to the delivery date adjustment.
The scope of acquisition includes G-P’s dry process paper plant in Mount Holly, North Carolina, and its nonwovens R & D experimental production line in Memphis, Tennessee. The capacity of Mount Holly plant is 37000 T / A, producing high-grade dry paper for wipes and tablecloths. G-P acquired the plant through the acquisition of Buckeye technologies at that time. Experimental production line and related technical resources can help to strengthen product innovation.
The annual net sales of G-P’s nonwovens business in the United States and the adjusted editda reached US $100 million and US $20 million respectively. Glatfelter expects to achieve cost synergy benefits of 4-6 million US dollars per year in three years, and a one-time cost of 10 million US dollars for business transfer and merger.
In 2018, glatfelter acquired G-P’s dry paper business in Europe, including the plant in steinfurt, Germany. Glatfelter also has dry paper plants in Falkenhagen, Germany, Arkansas, USA and Quebec, Canada.
Post time: Jul-22-2021