RTTNews | Jan 6, 2021 07:23AM EST

07:22 Wednesday, January 6, 2021 (RTTNews.com) - Glatfelter Corp. (GLT) agreed to buy Georgia-Pacific's U.S. nonwovens business for $175 million.

Glatfelter said it will acquire Georgia-Pacific's Mount Holly, North Carolina, airlaid manufacturing business and an R&D pilot line for nonwovens product development in Memphis, Tennessee, which collectively employ about 150 people.

The Mount Holly facility has a capacity of 37,000 metric tons and produces high-quality airlaid products focused on wipes and tabletop materials. The R&D pilot line and additional technical resources will enhance ongoing innovation efforts.

Glatfelter expects to realize annual cost synergies of about $4 million to $6 million within three years and incur one-time costs of about $10 million for transaction fees and integration.

Glatfelter said it plans to finance the acquisition through a combination of cash on hand and borrowing under its existing revolving credit facility.

Read the original article on RTTNews ( https://www.rttnews.com/3158086/glatfelter-to-buy-georgia-pacific-s-u-s-nonwovens-business-for-175-mln.aspx)

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