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Glatfelter Completes Sale of Specialty Papers Business Unit

Sold to Pixelle Specialty Solutions for $360 million

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

Glatfelter announced the closing of the previously announced sale of its Specialty Papers Business Unit to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg for $360 million. This divestiture is a significant milestone in the company’s strategic transformation to become a leading global engineered materials company.

Cash proceeds from the sale were approximately $323 million reflecting estimated purchase price adjustments as of the closing date and the assumption by the purchaser of approximately $38 million of retiree healthcare liabilities. The purchase price is subject to a customary post-closing working capital adjustment as well as an adjustment for the final measurement of retiree healthcare liabilities. In addition, the purchaser assumed approximately $220 million of pension liabilities relating to Specialty Papers’ employees and will receive approximately $270 million of related assets from the company’s existing pension plan.

The cash proceeds from the transaction will be used to pay down debt and for general corporate purposes.
 

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