Glatfelter Corporation, a leading global supplier of engineered materials, announced it has completed the previously disclosed acquisition of Jacob Holm for aggregate consideration of approximately $302 million including the extinguishment of Jacob Holm’s existing debt and other adjustments. This transaction was funded through a new $500 million senior unsecured notes issuance.
The addition of Jacob Holm will meaningfully increase Glatfelter’s scale and diversification into attractive and complementary product categories with high-performing and innovative spunlace nonwoven technologies and advanced plant-based sustainable solutions serving the growing wipes, critical cleaning, healthcare and hygiene categories. Glatfelter has acquired four additional manufacturing sites, one converting operation, and six sales offices located in the Americas, Europe, and Asia, and approximately 760 employees worldwide.
“We are very pleased to be closing on the acquisition and adding Jacob Holm’s premium quality spunlace and advanced fiber products to Glatfelter’s portfolio of industry-leading airlaid and composite fibers products. Jacob Holm’s broad product offerings, including the Sontara brand, and blue-chip customer base will expand Glatfelter’s portfolio to include surgical drapes and gowns, wound care, critical cleaning materials, face masks, facial wipes and cosmetic masks, to provide a best-in-class suite of nonwovens technologies, applications and expertise. We look forward to leveraging the combined talents of the Jacob Holm and Glatfelter employees to better serve customers, accelerate the innovation of sustainable engineered materials, and achieve significant value-creation. In addition, we will be well positioned to achieve meaningful economies of scale and synergies in the areas of sourcing, operational excellence, capital deployment, and general and administrative costs,” said Dante C. Parrini, Chairman and Chief Executive Officer of Glatfelter.