Editor’s note: This article is by Domenic Poli, of the Brattleboro Reformer, in which it was first published Aug. 6, 2015.
BRATTLEBORO — A premium paper company based in Georgia has purchased FiberMark for $120 million.
Neenah Paper Inc., of Alpharetta, Georgia, announced the closure of the deal on Aug. 3. Bill McCarthy, Neenah’s vice president of financial analysis and investor relations said FiberMark, a specialty coating and finishing business, is a perfect complement to his company.
“We’re excited about it. Strategically, it is a very good fit for Neenah. Both companies do similar things in many ways, such as with the colors and textures of products,” he told the Reformer. “There was a lot of overlap in areas that are strategically important for Neenah to grow.”
McCarthy said FiberMark, which has annual sales of more than $160 million, has a great reputation in the industry. He said it is unclear if FiberMark’s name will change at all.
According to a statement from Neenah, the acquisition was financed through $80 million of cash on hand and the balance was covered from available borrowing capacity on Neenah’s revolving credit facility.
Neenah’s products are sold in more than 70 countries from manufacturing operations in the United States, Germany and the United Kingdom.