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WKN: A2QE2P ISIN: US3773201062 Ticker-Symbol: GLN 
Frankfurt
24.09.21
08:02 Uhr
12,400 Euro
+0,200
+1,64 %
Branche
Holz/Papier
Aktienmarkt
S&P SmallCap 600
1-Jahres-Chart
GLATFELTER CORPORATION Chart 1 Jahr
5-Tage-Chart
GLATFELTER CORPORATION 5-Tage-Chart
RealtimeGeldBriefZeit
12,40012,70025.09.
12,50012,60024.09.
GlobeNewswire (Europe)
917 Leser
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Glatfelter Corporation: Glatfelter to Acquire Jacob Holm for an Enterprise Value of ~$308 Million

Acquisition Adds Scale and Strengthens Glatfelter's Position as a Leading Global Engineered Materials Company

CHARLOTTE, N.C., July 22, 2021 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today announced that it has entered into a definitive agreement to acquire Jacob Holm, a global leading manufacturer of premium quality spunlace nonwoven fabrics for critical cleaning, high-performance materials, personal care, hygiene and medical applications, for an enterprise value of approximately $308 million including the extinguishment of debt and subject to post-closing adjustments.

Jacob Holm offers high-performing and innovative spunlace nonwoven technologies and advanced fiber-based sustainable solutions that will meaningfully increase Glatfelter's diversification into attractive and complementary segments serving the growing wipes, healthcare and hygiene categories. With the acquisition of Jacob Holm, Glatfelter will acquire four additional manufacturing facilities and six sales offices located in the Americas, Europe, and Asia, and approximately 800 employees world-wide. Jacob Holm's broad product offerings and blue-chip customer base will expand Glatfelter's portfolio to include surgical drapes and gowns, wound care, face masks, facial wipes and cosmetic masks. The acquisition of Jacob Holm's Sontara business, a leading brand of finished products for critical cleaning wipes and medical apparel, will also enhance Glatfelter's technological capabilities. Jacob Holm generated approximately $400 million in revenue and about $45 million of EBITDA on an LTM basis as of June 30, 2021, supported by strong pandemic tailwinds. Glatfelter believes Jacob Holm's June LTM results include a benefit from COVID-related demand estimated to be between $10 million and $15 million of EBITDA. Glatfelter expects to realize annual cost synergies of approximately $20 million within 24 months of closing and is committed to deleveraging its balance sheet following the consummation of this transaction.

"Today's announcement represents another significant step forward in Glatfelter's transformation. The combination of Jacob Holm's quality spunlace and advanced fiber products along with Glatfelter's industry-leading airlaid and composite fibers products will provide a best-in-class suite of nonwovens technologies, applications, and expertise to serve customers' growing global demand. By acquiring Jacob Holm, we will further diversify our nonwovens and substrate offerings and enhance our overall innovation capabilities," said Dante C. Parrini, Chairman and Chief Executive Officer of Glatfelter.

The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory clearances, and is expected to be completed later this year. Glatfelter has obtained committed financing for this transaction from HSBC Securities (USA) Inc. and intends to fund the acquisition with unsecured debt. Glatfelter will also pursue extending the maturity date of its syndicated revolving credit facility.

Credit Suisse acted as Glatfelter's financial advisor in connection with the transaction and Shearman & Sterling LLP as its legal advisor. Additional details on Jacob Holm and the pending transaction will be provided during Glatfelter's Second Quarter Earnings call on August 3, 2021.

About Glatfelter
Glatfelter is a leading global supplier of engineered materials. Glatfelter's high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in Charlotte, NC, Glatfelter's annualized net sales approximate $1 billion with customers in over 100 countries and approximately 2,550 employees worldwide. Operations include twelve manufacturing facilities located in the United States, Canada, Germany, France, the United Kingdom and the Philippines. Additional information about Glatfelter may be found at www.glatfelter.com.

Forward Looking Statements
This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Transaction, including statements regarding the benefits of the transaction, the anticipated timing of the transaction and the benefits Glatfelter expects to derive from the transaction. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "forecast," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to:. Glatfelter gives no assurance that it will achieve its expectations.

Contacts:
Investors:Media:
Ramesh ShettigarEileen L. Beck
(717) 225-2746(717) 225-2793



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