Glatfelter and Jacob Holm Join to Create New Nonwovens Sustainability Leader
The shareholders of Jacob Holm have signed a definitive agreement today to sell their shares in the Jacob Holm Group of companies to Glatfelter Corporation (NYSE: GLT). The transaction is expected to close later this year pending receipt of required regulatory approvals and satisfaction of customary closing conditions.
The business combination will create a company with expected revenue of approximately 1.5BN USD, over 3350 employees and a presence in 17 countries globally.
Jacob Holm is in a high-growth phase having invested significant capital and resources in preparing for its next growth steps. The technology and resource reach offered in combination with Glatfelter will be an important accelerator to put the company in an even better position to serve customers, communities and other stakeholders.
The joining of the two businesses will further provide the market with the broadest technology suite to address the ongoing migration towards sustainable nonwoven fabrics.
Glatfelter expects synergies of approximately 20 million USD to be delivered from the business combination within 24 months of the closing of the transaction.
“We are excited about the prospects and possibilities this combination will present for the combined company and look forward to taking the next step of this new journey. We are pleased to have identified a home for the business with shared values, the proven capability to grow businesses and a clear view to supporting the next growth phase prepared by the Jacob Holm management team,” says CEO Martin Mikkelsen, Jacob Holm.
“Today’s announcement represents another significant step forward in Glatfelter’s transformation. The combination of Jacob Holm’s quality spunlace and advanced fiber products along with Glatfelter’s industry-leading airlaid and composite fibers products will provide a best-in-class suite of nonwovens technologies, applications, and expertise to serve our customers’ growing global demand. By acquiring Jacob Holm, we will further diversify our nonwovens and substrate offerings and enhance our overall innovation capabilities,” said Dante C. Parrini, Chairman and CEO of Glatfelter.
Translations of this release available in Spanish and French at the Download Link below.