US' Glatfelter to begin taking over Georgia-Pacific’s nonwoven section
April 06, 2021 - United States Of America
Antitrust regulatory process towards Glatfelter Corporation, leading global supplier of engineered materials, taking over Georgia-Pacific’s US nonwovens business has concluded. This means Glatfelter may now proceed with the acquisition for $175 million. The transaction is expected to close by May 31, 2021 after all customary closing conditions have been met.
The transaction includes Georgia-Pacific’s Mount Holly, North Carolina airlaid manufacturing operation and an R and D centre for nonwovens product development in Memphis, Tennessee, which collectively employ approximately 140 people.
“This is a significant step toward finalising the acquisition and ensuring a smooth transition in the weeks ahead. The Mount Holly facility, along with the Memphis R and D centre, are excellent complements to Glatfelter’s existing business and are important to our ongoing transformation. This transaction will further position us to better serve our customers and provide immediate financial benefit, building on the company’s strong results in 2020,” said Dante C Parrini, chairman and chief executive officer of Glatfelter.
The transaction is expected to close by May 31, 2021 after all other customary closing conditions have been met. Glatfelter intends to finance the acquisition through a combination of cash on hand and borrowings under its existing revolving credit facility.
The transaction includes Georgia-Pacific’s Mount Holly, North Carolina airlaid manufacturing operation and an R and D centre for nonwovens product development in Memphis, Tennessee, which collectively employ approximately 140 people.
“This is a significant step toward finalising the acquisition and ensuring a smooth transition in the weeks ahead. The Mount Holly facility, along with the Memphis R and D centre, are excellent complements to Glatfelter’s existing business and are important to our ongoing transformation. This transaction will further position us to better serve our customers and provide immediate financial benefit, building on the company’s strong results in 2020,” said Dante C Parrini, chairman and chief executive officer of Glatfelter.
The transaction is expected to close by May 31, 2021 after all other customary closing conditions have been met. Glatfelter intends to finance the acquisition through a combination of cash on hand and borrowings under its existing revolving credit facility.