Subsequent Event |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2021 | |||
| Subsequent Events [Abstract] | |||
| Subsequent Event |
On July 22, 2021, we entered into a definitive agreement to acquire Jacob Holm, a global leading manufacturer of premium quality spunlace nonwoven fabrics for critical cleaning, high-performance materials, personal care, hygiene and medical applications, for approximately $308 million for the outstanding shares and the extinguishment of Jacob Holm’s debt and subject to post-closing adjustments. Jacob Holm’s broad product offerings and blue-chip customer base will expand Glatfelter’s portfolio to include surgical drapes and gowns, wound care, face masks, facial wipes and cosmetic masks. The acquisition of Jacob Holm’s Sontara business, a leading brand of finished products for critical cleaning wipes and medical apparel, will also enhance Glatfelter’s technological capabilities. Jacob Holm generated approximately $400 million in revenue and about $45 million of EBITDA on a trailing twelve-month basis as of June 30, 2021, supported by strong pandemic tailwinds. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory clearances, and is expected to be completed later in 2021. |