Neenah Paper is to acquire ASP FiberMark from American Securities for $120 million.
With annual sales of over $160 million, FiberMark is a speciality coating and finishing company with a strong presence in luxury packaging and overlapping technical product categories, including meltblown and wetlaid nonwovens.
Neenah Paper’s nonwoven filter media business is growing rapidly and this acquisition follows that of Crane Technical Materials for $72 million during 2014, as well as the Indian filter media manufacturer AIM Filtertech.
FiberMark sells globally from six production plants in the United States and one in the United Kingdom.
“FiberMark is well known in the marketplace for its high touch service as well as a meaningful breadth of premium coated, textured and colored products,” said John O’Donnell, Neenah’s CEO. “The acquisition adds new capabilities that will further accelerate our strategy to expand in targeted growth areas like premium packaging and performance materials and complements previously announced strategic investments supporting the continued growth of our filtration business.
“The combination of FiberMark and Neenah increases the size and our reach in many of our addressable markets and provides opportunities to accelerate growth.”