Ahlstrom Corporation, a global leader in nonwovens and specialty papers, has today signed an agreement to exit its Sealing & Shielding business unit through the sale of Ahlstrom Altenkirchen GmbH in Germany. The acquirer is Interface Solutions, a portfolio company of Pennsylvania-based family owned private equity fund Susquehanna Capital.
The value of the transaction is approximately EUR 6.5 million.
Ahlstrom Altenkirchen GmbH, which is part of Ahlstrom's Label and Processing Business Area, is located in the German state of Rheinland-Pfalz. The plant has two paper machines and employs approximately 130 people. Its products include gasket and heat shield materials for the automotive industry and calender bowl materials for the paper industry.
Products manufactured by the Altenkirchen site differ technically from the other nonwoven and specialty paper products made by Ahlstrom and therefore do not fit strategically with the company's portfolio. Interface Solutions is a global leader in gasket materials for the automotive industry.
It is anticipated that the transaction will be completed by the end of 2010. Ahlstrom will book a non-recurring gain of approximately EUR 5 million from the transaction in its fourth-quarter financial results. The completion of the transaction is subject to customary closing conditions.
Ahlstrom's Label and Processing Business Area will continue to operate six production sites in France, Germany, Italy and Brazil.
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.
Interface Solutions in brief
Interface Solutions Inc. is the global market leader in the design, manufacture and marketing of fiber reinforced gasket materials for automotive, heavy-duty diesel, small engine, transmissions and compressor applications. Additionally, the Company manufactures flooring felt for the vinyl sheet flooring market and produces thermal barriers and electrical barriers for high temperature applications. The Company sells its products to over 200 customers located throughout the world. Interface conducts its manufacturing from three manufacturing facilities located throughout New York with sales offices in Michigan, France and China.
Susquehanna Capital, based in Wrightsville, Pennsylvania, is a value oriented, private equity fund founded in 1993. The fund invests into small cap, historically profitable, niche manufacturing and manufacturing related companies with strong management teams.