Ahlstrom Exits Dust Filtration Business with Sale of Groesbeck Unit
Deec. 16, 2010 - Ahlstrom said that it has sold its Groesbeck filtration business located in Groesbeck and Mexia Texas, USA, to Polyester Fibers, a portfolio company of private investment firm Empire Investment Holdings.
The value of the deal is approximately EUR 4.5 million — an amount that may increase by up to EUR 1.5 million if certain conditions and targets are met in the future, Ahlstrom said.
Ahlstrom will book a non-recurring loss of approximately EUR 18 million related to the divestment in its fourth-quarter financial results.
The Groesbeck operation, which employs about 100 people, makes air filtration media for the heating, ventilating and air conditioning (HVAC) industry. The unit has been part of Ahlstrom's Filtration Business Area's Dust Filtration unit.
Ahlstrom said that "dust filtration materials do not fit strategically to its product portfolio."
The transaction will be effective immediately.
This divestment together with earlier announced Wuxi and Bethune divestments complete Ahlstrom's exit from dust filtration businesses.
SOURCE: Ahlstrom Corp.