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Georgia-Pacific announces agreement to sell European nonwovens business to Glatfelter
Georgia-Pacific announced on Tuesday that it has reached an agreement to sell Georgia-Pacific Steinfurt GmbH, the company's European nonwovens business, to Glatfelter, a global manufacturer of speciality papers and engineered products headquartered in York, Pennsylvania.
The proposed transaction, priced at $185 million, also includes Georgia-Pacific's sales offices in France and Italy, but not Georgia-Pacific's US-based nonwovens business, including operations at Mt. Holly, North Carolina; Green Bay, Wisconsin, and the nonwovens R&D center in Memphis, Tennessee.
The Georgia-Pacific Steinfurt GmbH nonwovens facility produces airlaid nonwoven material for commercial customers used to make table top, wiping, food pads, hygiene and related products.
In the proposed transaction, current Georgia-Pacific Steinfurt GmbH employees, totaling approximately 220 people, will become employees of Glatfelter at the time the deal closes.
"Georgia-Pacific nonwovens employees in Steinfurt have done a great job running a safe and productive operation, and have worked hard to make significant improvements to meet European customer needs," says Doug Dowdell, president - nonwovens for Georgia-Pacific.
"We believe this sale to Glatfelter, an established manufacturer with multiple European operations, is in the best interests of customers and Georgia-Pacific Steinfurt GmbH employees."
Based in Atlanta, Georgia-Pacific and its subsidiaries are among the world's leading manufacturers and marketers of bathroom tissue, paper towels and napkins, tableware, paper-based packaging, office papers, cellulose, speciality fibres, nonwoven fabrics, building products and related chemicals.
Georgia-Pacific operates nearly 200 facilities and employs approximately 35,000 people directly, and creates nearly 92,000 jobs indirectly.
21st June 2018