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    Breaking News

    Glatfelter Sells Specialty Papers Division

    Revenue from sale to fund G-P acquisition, pay down debt

    08.22.18

    Glatfelter will sell its Specialty Papers Business Unit or "SPBU" on a cash free and debt free basis to equity firm Lindsay Goldberg for a total sale price of $360 million. The sale price includes about $320 million of cash proceeds and the assumption by the purchaser of about $40 million of retiree healthcare liabilities. 

    The purchase price is subject to a customary working capital adjustment mechanism, as well as an adjustment for the retiree healthcare liabilities that the Purchaser will assume.

    Glatfelter said that it will use net cash proceeds from the transaction to pay down debt, to fund the previously announced acquisition of Georgia-Pacific's European nonwovens business and for general corporate purposes. The company announced in February that it was undertaking a review of strategic alternatives for the Specialty Papers business, which is its largest division, including its potential sale, amidst challenging market conditions and operating inefficiencies.

    The transaction is expected to close during the fourth quarter of 2018, subject to satisfaction of customary closing conditions. 

     

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