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Glatfelter To Acquire Georgia-Pacific's European Nonwovens Business For $185 Mln


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(RTTNews.com) - PH Glatfelter Co. (GLT), a global supplier of specialty papers and engineered materials, agreed Tuesday to acquire the European nonwovens business of pulp and paper company Georgia-Pacific LLC 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 closing is expected to occur during the fourth quarter.

The business generated net sales of $99 million and EBITDA of $18 million in 2017. The Company expects to realize synergies in excess of about $6 million per year within three years, and expects to incur one-time costs of about $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.


Read the original article on RTTNews (http://www.rttnews.com/2906323/glatfelter-to-acquire-georgia-pacific-s-european-nonwovens-business-for-185-mln.aspx)


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This article appears in: World Markets , Stocks
Referenced Symbols: CS ,


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