MANCHESTER - Materials manufacturer Unifrax is to acquire advanced filtration specialist Lydall in a deal worth US$1.3 billion.
The $62.10 per share offer, backed by private equity firm Clearlake Capital Group, is expected to close in the second half of 2021.
Welcoming the deal, Lydall president and CEO Sara Greenstein said: “We are excited about the combination of Lydall and Unifrax. With this transaction, we are creating a leader in specialty filtration and advanced materials with over 250 years of combined expertise and experience delivering innovative and compelling solutions to customers worldwide.”
President and CEO of Unifrax John Dandolph added: “The combination of Unifrax and Lydall creates a global specialty materials platform with new cutting edge technologies in advanced filtration, electric vehicle battery systems, and energy saving applications.”
With 23 manufacturing locations around the globe, Lydall is likely to benefit from the growth in clean air filtration and electric vehicle adoption, along with other suitable markets globally.
