Ahlstrom Agrees to Sell German Sealing & Shielding Business for EUR 6.5 Million
Dec. 3, 2010 - Ahlstrom has signed an agreement to exit its Sealing & Shielding business unit through the sale of Ahlstrom Altenkirchen GmbH in Germany. The buyer is Interface Solutions, a portfolio company of Pennsylvania-based family owned private equity fund Susquehanna Capital.
The value of the deal 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, Ahlstrom said.
Interface Solutions is a global leader in gasket materials for the automotive industry.
Ahlstrom expects the deal to close by the end of 2010.
Ahlstrom said that it will book a non-recurring gain of approximately EUR 5 million from the transaction in its fourth-quarter financial results.
Ahlstrom's Label and Processing Business Area will continue to operate six production sites in France, Germany, Italy and Brazil.
SOURCE: Ahlstrom Corporation