Georgia-Pacific LLC has reached an agreement to sell their nonwovens business to Glatfelter, a leading global supplier of engineered materials, headquartered in Charlotte, North Carolina, USA. The transaction is subject to customary closing conditions, including regulatory clearances from competition authorities. The price is $175 million.
The proposed transaction includes Georgia-Pacific's nonwovens operations located in Mt. Holly, North Carolina, along with a research center operation in Memphis, Tennessee. The nonwovens operations in Mt. Holly produces airlaid nonwoven material for commercial customers used to make table top, wiping, food pads, hygiene and related products. In the proposed transaction, current Georgia-Pacific nonwovens employees, totaling approximately 150 people, will become employees of Glatfelter at the time the deal closes.
In 2018, Georgia-Pacific LLC sold Steinfurt GmbH, the company's European nonwovens business, to Glatfelter for $185 million.
Based in Atlanta, Georgia-Pacific and its subsidiaries are among the world's leading manufacturers and marketers of bath tissue, paper towels and napkins, tableware, paper-based packaging, cellulose, specialty fibers, nonwoven fabrics, building products and related chemicals.
Source: Lesprom Network