Ahlstrom Corporation has sold its Groesbeck filtration business located in Groesbeck and Mexia TX, to Polyester Fibers, a portfolio company of private investment firm Empire Investment Holdings.
The value of the transaction is approximately €4.5 million but could increase by up to €1.5 million if certain conditions and targets are met in the future. Ahlstrom will book a non-recurring loss of approximately €18 million related to the divestment in its fourth-quarter financial results.
The Groesbeck operation, which employs about 100 people, makes air filtration media for the heating, ventilating and air conditioning (HVAC) industry. The unit has been part of Ahlstrom's Filtration business area's Dust Filtration unit. Ahlstrom has concluded that dust filtration materials do not fit strategically to its product portfolio.
Earlier this month, Ahlstrom sold its dust filtration concerns in Wuxi, China and Bethune, SC to Andrew Industries.