Georgia-Pacific LLC announced today that it has reached an agreement to sell their nonwovens business to Glatfelter, a leading global supplier of engineered materials, headquartered in Charlotte, North Carolina. The transaction is subject to customary closing conditions, including regulatory clearances from competition authorities. The price is $175 million.
The proposed transaction includes Georgia-Pacific's nonwovens operations located in Mt. Holly, North Carolina, along with a research center operation in Memphis, Tennessee. The nonwovens operations in Mt. Holly 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 nonwovens employees, totaling approximately 150 people, will become employees of Glatfelter at the time the deal closes.
"Georgia-Pacific nonwovens employees at Mt. Holly and Memphis have run safe, productive operations and worked hard to advance our nonwovens business to meet customer needs," said Mike Adams, president – Georgia-Pacific Professional and Nonwovens. "We believe this sale to Glatfelter, an established manufacturer and supplier of nonwovens products, is in the best interests of both customers and our nonwovens employees."
In 2018, Georgia-Pacific LLC sold Steinfurt GmbH, the company's European nonwovens business, to Glatfelter for $185 million.
About Georgia-Pacific
Based in Atlanta, Georgia-Pacific and its subsidiaries are among the world's leading manufacturers and marketers of bath tissue, paper towels and napkins, tableware, paper-based packaging, cellulose, specialty fibers, nonwoven fabrics, building products and related chemicals. Our familiar consumer brands include Quilted Northern®, Angel Soft®, Brawny®, Dixie®, enMotion®, Sparkle® and Vanity Fair®. Georgia-Pacific has long been a leading supplier of building products to lumber and building materials dealers and large do-it-yourself warehouse retailers. Its Georgia-Pacific Recycling subsidiary is among the world's largest traders of paper, metal and plastics. The company operates more than 150 facilities and employs more than 30,000 people directly and creates approximately 89,000 jobs indirectly. For more information, visit: gp.com/about-us. For news, visit: gp.com/news
