ATLANTA — June 19, 2018 — Georgia-Pacific LLC announced today that it has reached an agreement to sell Georgia-Pacific Steinfurt GmbH, the company’s European nonwovens business, to Glatfelter, a global manufacturer of specialty papers and engineered products headquartered in York, Pa. The transaction is subject to customary closing conditions, including regulatory clearances from competition authorities. The price is $185 million.
The proposed transaction includes Georgia-Pacific’s European nonwovens operations located in Steinfurt, Germany, along with sales offices located in France and Italy. The nonwovens operations in Steinfurt 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 Steinfurt GmbH employees, totaling approximately 220 people, will become employees of Glatfelter at the time the deal closes.
The transaction does not include Georgia-Pacific’s U.S.-based nonwovens business, including operations at Mt. Holly, N.C.; Green Bay, Wis., and the nonwovens R&D center in Memphis.
Doug Dowdell, president – nonwovens for Georgia-Pacific, said: “Georgia-Pacific nonwovens employees in Steinfurt have done a great job running a safe and productive operation, and have worked hard to make significant improvements to meet European customer needs. We believe this sale to Glatfelter, an established manufacturer with multiple European operations, is in the best interests of customers and Georgia-Pacific Steinfurt GmbH employees.”
Posted June 19, 2018
Source: Georgia-Pacific
