YORK, Pa.--Glatfelter (NYSE:GLT) has completed its acquisition of Concert Industries Corp. from Brookfield Special Situations Management Limited, an affiliate of Brookfield Asset Management Inc. (NYSE:BAM), for Canadian $246.5 million (U.S. $235 million) subject to a post-closing working capital adjustment.
Concert is a global supplier of highly absorbent cellulose-based airlaid non-woven materials, used to manufacture a diverse range of consumer and industrial products for growing global end-use markets, including feminine hygiene and adult incontinence products, specialty wipes and food pads. Approximately 80 percent of Concert’s sales come from the feminine hygiene market, which is expected to grow at a compound annual rate of approximately 5 percent for the next four years.
“We are thrilled to add to the Glatfelter family of products another industry-leading global business that sells highly specialized, engineered fiber-based products to niche markets,” said George H. Glatfelter II, Chairman and Chief Executive Officer. “This acquisition combines the strengths of two highly regarded specialty producers and will build upon our respective relationships with premier global consumer products companies.”
Glatfelter financed the acquisition through a combination of cash on hand, proceeds from the 7 1/8% unsecured senior notes issued on February 5, 2010 and borrowings under its existing revolving credit agreement.
Glatfelter will operate Concert as a third business unit along with its Specialty Papers and Composite Fibers business units.
Headquartered in York, PA, Glatfelter is a global manufacturer of specialty papers and engineered products, offering over a century of experience, technical expertise and world-class service. U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Germany, France, the United Kingdom, Canada and the Philippines, a representative office in China and a sales and distribution office in Russia. Glatfelter’s sales exceed $1 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. .
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