Glatfelter to Acquire Georgia-Pacific's European Nonwovens Business for $185 Million
YORK, Pa., June 19, 2018 (GLOBE NEWSWIRE) -- June 19, 2018 - Glatfelter (NYSE:GLT), a global supplier of specialty papers and engineered materials, today announced it has signed a definitive agreement to purchase Georgia-Pacific's European nonwovens business (the "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.
"Glatfelter's agreement to acquire the European nonwovens business demonstrates our commitment to building leading positions in global growth markets for engineered materials," said Dante C. Parrini, Chairman and Chief Executive Officer of Glatfelter. "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 $99 million and EBITDA of $18 million. 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 fourth quarter.
Caution Concerning Forward-Looking Statements
Any statements included in this press release which pertain to future financial and business matters are "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company uses words such as "anticipates", "believes", "expects", "future", "intends", "plans", "targets", and similar expressions to identify forward-looking statements. Any such statements are based on the Company's current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements including, but not limited to: changes in industry, business, market, and economic conditions, demand for or pricing of its products, market growth rates and currency exchange rates. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this press release may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this press release and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. More information about these factors is contained in Glatfelter's filings with the U.S. Securities and Exchange Commission, which are available at www.glatfelter.com.
Glatfelter is a global supplier of specialty papers and engineered materials, offering innovation, world-class service and over a century and a half of technical expertise. Headquartered in York, PA, the Company employs approximately 4,200 people and serves customers in over 100 countries. U.S. operations include facilities in Arkansas, Pennsylvania and Ohio. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines, and sales and distribution offices in the U.S., China and Russia. Glatfelter's sales approximate $1.6 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at www.glatfelter.com.
John P. Jacunski
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Glatfelter via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
GridGain® Professional Edition 2.7 Introduces TensorFlow Integration, Enhanced Usability, Transparent Data Encryption at Rest13.12.2018 09:00 | Pressemelding
Native TensorFlow Integration Enables Seamless Deep Learning on Data in GridGain FOSTER CITY, Calif., Dec. 13, 2018 (GLOBE NEWSWIRE) -- GridGain Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced the immediate availability of GridGain Professional Edition 2.7, a fully supported version of Apache Ignite 2.7. GridGain Professional Edition 2.7 introduces TensorFlow™ integration for enhanced training of deep learning (DL) models. GridGain Professional Edition 2.7 also provides enhanced usability, including expanded support for thin clients, as well as Transparent Data Encryption at rest to improve security. Together, the features make it easier to use the GridGain In-Memory Computing Platform for more use cases, such as for achieving the speed and scalability required for implementing real-time continuous learning for digital transformation and omnichannel customer experience initiatives. TensorFlow Integration for High Performance
Feelunique–Europe’s largest online beauty retailer–expands partnership with Moovweb13.12.2018 03:28 | Pressemelding
Feelunique will introduce a new App-like Mobile Site powered by Moovweb SAN FRANCISCO, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Feelunique, Europe’s largest online beauty retailer, announced today that it has expanded its long-standing partnership with Moovweb, by building an innovative Progressive Web App (PWA) with The Moovweb Experience Delivery Network (XDN) that powers modern mobile experiences for the world’s leading brands. The company’s new eCommerce experience will allow shoppers to browse, checkout and purchase items as fast as an app in their mobile browser without requiring a mobile app download. Powered by The Moovweb XDN, the new web experience will dramatically speed up mobile shopping–search, browsing and buying products–leveraging PWA technology. Now that page load speed is a key factor for SEO thanks to new rules that rank which mobile sites appear first on Google, best-in-class eCommerce brands are utilizing PWA technology. With PWAs, follow-up pages are pre-cached giving t
Chvaletice Manganese Project Mineral Resource Update, 2018 Metallurgical Testwork Program Update and Preliminary 2019 Plans13.12.2018 03:03 | Pressemelding
HIGHLIGHTS: Successful 2018 Drilling Program results in updated Mineral Resource Estimate with 98.3% of Resource classified in Measured Category. Drilling Program confirmed outstanding consistency of manganese grade and mineralogy. Successful Metallurgical Testwork Program and Pilot Plant Test runs, indicating manganese can be extracted from Chvaletice tailings using a combination of proven commercial technologies. Testwork Program confirmed the proposed hydrometallurgical process can produce Ultra-High-Purity Manganese Products meeting or exceeding customer specifications. Plan to build and commission a Demonstration Plant in 2019 to produce multi-tonne, Ultra-High-Purity Manganese Product samples for customer testing and qualification. Project timeline remains on track, with Preliminary Economic Assessment targeted for release in early 2019. Targeting production of both electrolytic manganese metal and manganese sulphate monohydrate, focusing principally on Europe's rapidly emerging
Quantenna and Telefónica Reinforce Strategic Partnership with New Portfolio of 8x8 MIMO Wi-Fi 6 Products12.12.2018 23:00 | Pressemelding
SAN JOSE, Calif., Dec. 12, 2018 (GLOBE NEWSWIRE) -- Quantenna Communications, Inc. (NASDAQ: QTNA) is further strengthening its strategic partnership with Telefónica. Through a long history of cooperation, the two companies have developed multiple generations of best-in-class products including gateways, repeaters and set-top boxes deployed in Europe and Latin America. Leveraging Quantenna’s 8x8 QSR10GU-AX, Telefónica is delivering a new portfolio of high-end fiber gateways and repeaters. The Wi-Fi 6 compliant QSR10GU-AX provides integrated dual-band, dual-concurrent 2.4GHz and 5GHz functionality in the same chipset, supporting up to a maximum speed of 10Gbps and 12 simultaneous streams. Thanks to its “Always-On DFS” feature, the QSR10GU-AX offers enhanced radar detection and spectrum analyzer capabilities with wide frequency range analysis. The QSR10GU-AX also supports advanced MU-MIMO, allowing for transmission to multiple devices at the same time, and providing higher throughput, inc
Improved Accuracy and Speed for Disease Research, Two Genomic Companies Integrate Kits and Software to Enable Deep Exploration of Epigenetic Data12.12.2018 21:16 | Pressemelding
OnRamp’s ROSALIND and Active Motif offer an improved ChIP-Seq data analysis experience for researchers with state-of-the-art dynamics track plots and advanced collaboration capabilities SAN DIEGO, Dec. 12, 2018 (GLOBE NEWSWIRE) -- OnRamp BioInformatics, a genomics company focused on scientist-friendly bioinformatics software solutions, today announced they are working with Active Motif to improve accuracies in data analysis for ChIP-Seq experiments. OnRamp’s flagship software, ROSALIND, provides a point-and-click experience to speed up and simplify the process of genomic data analysis from experiment setup to QC and interactive data visualization to interpretation. With this integration, researchers will now benefit from an optimized analysis that includes the unique characteristics of Active Motif kits and antibodies, including Unique Molecular Identifiers (UMI) and spike-in solutions. Active Motif customers will now be able to rapidly interpret their data with ROSALIND’s identificati
Markforged launches H13 tool steel for high-strength, high-temp tooling applications12.12.2018 15:00 | Pressemelding
New material for Metal X 3D printing system is first of many WATERTOWN, Mass., Dec. 12, 2018 (GLOBE NEWSWIRE) -- Markforged, the Boston-area 3D printer company transforming manufacturing, today announced the launch of H13 tool steel for the Metal X, the world’s leading desktop-sized metal printer with over 150 systems shipped since March 2018. The expansion into H13 will enable customers to print parts in high-strength, high-temperature applications such as metal forming tools, dies and punches, and hardened inserts for fixtures, and even injection molds with conformal cooling channels. To learn more about H13 tool steel and place an order, please visit http://markforged.com/h13 “We designed the Metal X system to change the way things are made, and the launch of H13 is the next step down that path,” said Jon Reilly, Markforged VP of product. “For manufacturers of high-volume plastic parts this is a game changer, significantly accelerating the speed at which they can bring new products
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom