Shares of P.H. Glatfelter Company (GLT) rose 7% in Wednesday's trading session. The manufacturer of specialty papers and fiber-based engineered materials announced the acquisition of Dresden Papier.
The Deal
P.H. Glatfelter announced that it has agreed to acquire Dresden Papier GmbH from Fortress Paper. The company will pay approximately $209 million, or 160 million euro for the German supplier of nonwoven wallpaper base materials.
Superior characteristics of nonwoven wallpapers include dry strip-ability, a higher tear resistance and no material expansion or shrinkage when getting wet. As a result demand for Dresden Papier's nonwoven products is increasing in both Europe and Asia. The company owns a 60,000 ton manufacturing facility, which employs 146 workers.
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