LONDON - Global technology group Freudenberg has made an offer to acquire 100% of the shares in UK technical textiles manufacturer Low & Bonar as it looks to expand its spunlaid nonwovens business.
Financial terms of the deal were not disclosed.
Announcing the deal Dr. Mohsen Sohi, Freudenberg Group CEO, said the acquisition would also potential new areas of activity. “With the acquisition, we would like to strengthen our performance materials business, and with Low & Bonar’s innovative technology we could further expand our technical know-how,” he said.
Founded in 1903 and headquartered in London, Low & Bonar has 11 production facilities in Asia, Europe and North America employing approximately 1,900 people. In the past financial year, it generated global sales of approximately £350 million.
“As a spunlaid production pioneer, Freudenberg has offered its customers solutions based on a one-step production process since 1968," added Dr. Frank Heislitz, Freudenberg Performance Materials CEO. "Low & Bonar’s two-step process solution will give us greater flexibility and allow us to more individually tailor our solutions to customer requirements.”
The deal will also allow Freudenberg to offer its customers a broader product range, especially in existing applications for the construction, building interiors, home textiles and automotive sectors.
Like Low & Bonar, Freudenberg uses highly developed technologies in its fabric and textile development and production as well as for textile and material finishing. The two companies also claim to share the same approach when it comes to sustainability with processes integrated in the product cycle: from raw material and energy usage to the entire manufacturing process.
The proposed acquisition is subject to approval from Low & Bonar shareholders and antitrust authorities.
In July, Low & Bonar agreed to sell its needlepunch nonwovens business (NPNW) to Nimbus, a Netherlands based private equity fund in a €17 million deal
