YORK - Glatfelter has completed the sale of its Specialty Papers Business Unit to Pixelle Specialty Solutions. The US$360 million deal is described as the company as a 'significant milestone' in its strategic transformation to become a leading global engineered materials company.
Net cash proceeds from the transaction will be used to pay down debt, fund the previously announced acquisition of Georgia-Pacific’s European nonwovens business and for general corporate purposes. "We are focused on enhancing shareholder value by devoting our investments and resources to accelerating the growth potential of our Composite Fibres and Advanced Airlaid Materials business units,” said Dante C. Parrini, chairman and CEO.
Glatfelter produces nonwoven materials for a range of sectors including the tea and single-serve coffee filtration, personal hygiene and packaging sectors as home improvement and industrial applications.
Headquartered in York, Pennsylvania, the company has annual sales of approximately $950 million annually with customers in over 100 countries and approximately 2,300 employees worldwide. Operations include eleven manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom and the Philippines.