Business
Neenah Paper Completes Purchase of FiberMark's German Operations
Neenah Paper Completes Purchase of FiberMark's German Operations.
About this update from Northpalm Capital Corp.
[{"type":"text","content":"\n\n\n\n\nALPHARETTA, Ga., Oct. 11 /CNW/ -- (NYSE: NP) - Neenah Paper, Inc. today\nannounced that it completed the previously announced purchase of FiberMark's\nGerman subsidiaries for $218 million. The transaction was financed through\n$160 million of available cash and $58 million of new debt drawn against the\ncompany's existing senior credit facility.\nThe acquired businesses will operate as part of Neenah Paper's technical\nproducts business under the name Neenah Germany. Neenah Germany will be\ncomprised of two subsidiaries, Neenah Gessner and Neenah Lahnstein. These\nbusinesses, with three mills located near Munich and Frankfurt, produce a wide\nrange of products, including auto and other filter media, non-woven wall\ncoverings, masking and other tapes, abrasive backings, and specialized\nprinting and coating substrates. In 2005, combined net sales from these units\nwere approximately $221 million.\n\"This acquisition, coupled with the sale of our Terrace Bay pulp\noperation in August, makes Neenah Paper a much different and stronger company\nthan we were at the start of the year, as we continue to execute our strategy\nto transform into a leading premium fine paper and technical products\ncompany,\" said Sean Erwin, Chief Executive Officer and Chairman of the Board.\n\"With today's closing, our integration plans can now move forward quickly; and\nwe are more excited than ever about opportunities in Neenah Paper to create\nvalue both for our customers and our shareholders.\"\n\n>\nNeenah Paper manufactures and distributes a wide range of premium and\nspecialty paper grades, with well-known brands such as CLASSIC(R),\nENVIRONMENT(R), KIMDURA(R) and MUNISING LP(R), Gessner(R) and varitess(R). The\ncompany also produces and sells bleached pulp, primarily for use in the\nmanufacture of tissue and writing papers. Neenah Paper is based in Alpharetta,\nGeorgia, and has manufacturing operations in Wisconsin, Michigan, Nova Scotia,\nCanada, and Bruckmuhl, Feldkirchen-Westerham and Lahnstein, Germany.\nAdditional information about Neenah Paper can be found at the company's web\nsite at www.neenah.com.\n\n>\nCertain statements in this press release may constitute \"forward-looking\"\nstatements as defined in Section 27A of the Securities Act of 1933 (the\n\"Securities Act\"), Section 21E of the Securities Exchange Act of 1934 (the\n...