Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today announced it has completed the previously announced acquisition of Georgia-Pacific’s U.S. nonwovens business for $175 million, subject to customary purchase price adjustments.
The transaction includes an airlaid manufacturing operation in Mount Holly, NC along with a nonwovens product development operation in Memphis, Tenn. See original story below.
GP reached an agreement today to sell the company‘s nonwovens business to Glatfelter, a leading global supplier of engineered materials, headquartered in Charlotte, North Carolina, for $175 million. The sale must still go through customary closing conditions and regulatory clearances from competition authorities.
The proposed transaction includes Georgia-Pacific’s nonwovens operations at Mt. Holly, North Carolina, which produces airlaid nonwoven material for commercial customers used to make table top, wiping, food pads, hygiene and related products, and a nonwovens pilot line in Memphis, Tennessee.
“Georgia-Pacific nonwovens employees at Mt. Holly and Memphis have run safe, productive operations and worked hard to advance our nonwovens business to meet customer needs,” said Mike Adams, president – Georgia-Pacific Professional and Nonwovens. “We believe this potential sale to Glatfelter, an established manufacturer and supplier of nonwovens products, is in the best interests of both customers and our nonwovens employees.”
Current Georgia-Pacific nonwovens employees, totaling approximately 150 people, will become employees of Glatfelter at the time the deal closes. In 2018, Georgia-Pacific LLC sold Steinfurt GmbH, the company’s European nonwovens business, to Glatfelter for $185 million.