Ahlstrom sells Groesbeck filtration business unit
Ahlstrom Corporation, a global leader in nonwovens and specialty papers, announces the sale of its Groesbeck filtration business located in Groesbeck and Mexia Texas, USA, to Polyester Fibers, a portfolio company of private investment firm Empire Investment Holdings.
The value of the transaction is approximately EUR 4.5 million. This amount may increase by up to EUR 1.5 million if certain conditions and targets are met in the future. Ahlstrom will book a non-recurring loss of approximately EUR 18 million related to the divestment in its fourth-quarter financial results.
The Groesbeck operation, which employs about 100 people, makes air filtration media for the heating, ventilating and air conditioning (HVAC) industry. The unit has been part of Ahlstrom's Filtration Business Area's Dust Filtration unit. Ahlstrom has concluded that dust filtration materials do not fit strategically to its product portfolio.
The transaction will be effective immediately.
This divestment together with earlier announced Wuxi and Bethune divestments complete Ahlstrom's exit from dust filtration businesses.
Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of high performance nonwovens and specialty papers. Ahlstrom´s products are used in a large variety of everyday applications, such as filters, wipes, flooring, labels, and tapes. Based upon its unique fiber expertise and innovative approach, the company has a strong market position in several business areas in which it operates. Ahlstrom's 5,800 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2009, Ahlstrom's net sales amounted to EUR 1.6 billion. Ahlstrom's share is quoted on the NASDAQ OMX Helsinki. The company website is at www.ahlstrom.com.
Polyester Fibers in brief
Polyester Fibers is the largest and most diverse manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, craft, industrial, automotive and seasonal markets in the United States. The company, comprised of 5 business units: Tupelo Fibers, Cameo Fibers, Mountain Mist, Cumulus Fibres and Buffalo Batt, has more than 550 employees serving thousands of customers in North America, Asia and Europe. For additional information please visit www.poly-fibers.com.
Empire Investment Holdings in brief
Empire Investment Holdings ('Empire') is a private investment firm focused on the acquisition and strategic management of non-core business units from public and private corporations. Empire adheres to a well-defined and focused acquisition strategy that is driven by the firm's history in acquiring, operating and managing over 50 corporate divestitures across several industries. Today, Empire's portfolio is comprised of 7 operating companies, serving over 10,000 customers worldwide, with an international footprint of 27 facilities encompassing over one million square feet of space and over 1,000 employees. For additional information please visit www.empireih.com.