German competition authority clears Glatfelter, GP nonwovens deal
BRUSSELS, September 11, 2018-
Glatfelter’s planned acquisition of Georgia-Pacific’s (GP) European nonwovens business has taken an important hurdle. The German competition watchdog, which opened an investigation of the takeover of all shares in Georgia-Pacific Steinfurt, Georgia-Pacific Nonwovens Italia and Georgia-Pacific Nonwovens France on August 21, cleared the deal on September 10.
Glatfelter and GP announced the planned $185 million takeover in mid-June. The transaction involves a 32,000 tonne/yr production facility in Steinfurt, Germany and two sales offices in Milan, Italy and Maubec, France. Once completed, the acquisition will boost Glatfelter's global airlaid capacity to 150,000 tonnes/yr, making it the No. 1 player in the airlaid segment.
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