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    Breaking News

    Lydall Acquires Sealings Solutions Specialists

    Interface to join company's Performance materials Division

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    08.10.18

    Lydall, Inc.  has entered into an agreement to acquire Interface Performance Materials for $265 million in cash.  The transaction will further advance Lydall’s engineered materials offering in new markets with similar technologies utilized in its Performance Materials business. Interface is a leading globally-recognized brand that delivers complete sealing solutions with a comprehensive product portfolio, deep in-house technical capabilities and vertical integration.  The transaction is expected to close in the third Quarter of 2018, subject to the completion of specified closing conditions, including receipt of customary merger control approval from U.S. authorities.

    A leader in the delivery of engineered sealing solutions, Interface partners with OEMs and Tier I manufacturers to serve both original equipment and aftermarket needs in segments such as agriculture, construction, earthmoving, industrial and automotives. It is headquartered in Lancaster, PA, from where it supports its global sales with manufacturing sites in the U.S., Germany and India.  

    Interface’s reported sales and adjusted EBITDA for the fiscal year ended December 31, 2017 were $142 million and $26 million, respectively.  The business is expected to achieve sales of approximately $150 million and adjusted EBITDA of approximately $29 million in the trailing 12 months ending August 31, 2018.  Lydall expects to leverage its business efficiencies, operating discipline and economies of scale to generate an estimated annual cost savings of approximately $4 million by 2020.

    The acquisition is expected to be accretive to Lydall’s earnings, net of the effects of purchase accounting approximately six months after closing.  Lydall’s financial results for the Second Quarter 2018 included approximately $1.1 million of expenses related to this transaction, and it is estimated that approximately $3 million of additional non-recurring transaction and integration expenses will be incurred over the second half of 2018 and approximately $1 million in 2019.

    As a leader in fiber-based wetlaid production, Lydall will leverage manufacturing expertise with plans to optimize supporting functions throughout the business.  The Interface business will become part of the Performance Materials operating segment with the expectation to complete integration within one year of closing.

    “We are extremely excited about yet another transformational acquisition for Lydall," says CEO Dale Barnhardt. "Interface Performance Materials expands our engineered materials portfolio with favorable margins while further shifting our concentration away from Automotive, which continues to be the focus of our long-term strategy.  Interface is very well known in the industry for providing high-quality solutions and is uniquely positioned with deep in-house expertise for research, design, testing, production and fabrication.”  Barnhart added, “Additionally, the culture, innovation and technology similarities between Interface and our legacy Performance Materials business create a complementary fit and provide opportunities for future growth."

    Last month, Lydall expanded its role in the high end HVAC business throught the acquisition of Totowa, NJ-based Precision Custom Coatings' filtration business. In recent years, acquisition has been a key strategy for Lydall in its quest to expand sales and diversify into adjacent businesses.
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