Lydall Completes Acquisition of Interface Performance Materials
September 04 2018 - 7:30AM
- Strengthens engineered materials offering, with a leading
globally-recognized brand- Leverages existing manufacturing
capabilities and know-how- Enhances Lydall’s portfolio with
meaningful scale and margin profile
Lydall, Inc. (“Lydall” or the “Company”) (NYSE:LDL), completed the
previously announced purchase of Interface Performance Materials
(“Interface”) on August 31, 2018, for $265 million in cash.
On the same day, the Company also amended its existing credit
facility, increasing it to $450 million principally to fund the
transaction and provide additional capacity to support organic
growth programs, fund capital investments, and continue pursuits of
attractive acquisitions that will drive profitable growth.
Dale G. Barnhart, Lydall’s President and Chief Executive
Officer, stated, “I am very excited to have completed the
acquisition of Interface Performance Materials and to welcome
Interface employees to the Lydall family. Customer reception
has been incredibly positive since our announcement a few weeks
ago, and culturally, the two businesses could not be a better fit.”
Barnhart added, “Interface delivers a very strong value
proposition to its customers, positioning it as a leader in the
industry with an excellent reputation for high quality products and
proven innovation. We are very excited about the future of
Lydall Performance Materials, and we look forward to the successful
integration of the combined businesses.”
Interface is a leading globally-recognized brand that delivers
complete sealing solutions with a comprehensive product portfolio,
deep in-house technical capabilities, and vertical
integration. The transaction further advances Lydall’s
engineered materials offering in new markets with similar
technologies utilized in the business today. Interface will
be integrated into the Lydall Performance Materials business
segment, further progressing its leadership in fiber-based wetlaid
production, and enabling Lydall to leverage manufacturing expertise
with plans to optimize supporting functions throughout the
business.
Interface partners with OEMs and Tier I manufacturers to serve
both original equipment and aftermarket needs in segments such as
Agriculture, Construction, Earthmoving, Industrial, and
Automotive. Headquartered in Lancaster, Pennsylvania,
Interface supports its global sales with manufacturing sites in the
U.S., Germany and India.
Lydall, Inc. is a New York Stock Exchange listed company,
headquartered in Manchester, Connecticut with global manufacturing
operations producing specialty engineered products for the
thermal/acoustical and filtration/separation markets. For
more information, visit http://www.lydall.com.
Lydall® is a registered trademark of Lydall, Inc. in the U.S.
and other countries.
Cautionary Note Concerning Factors That May Affect
Future ResultsThis publication contains “forward-looking
statements” within the Private Securities Litigation Reform Act of
1995. Any statements contained in this publication that are
not statements of historical fact, including statements related to
the expected benefits of growth or synergies may be deemed to be
forward-looking statements. All such forward-looking
statements are intended to provide management’s current
expectations for the future based on current expectations and
assumptions relating to the Company’s business, the economy and
other future conditions. Forward-looking statements generally
can be identified through the use of words such as “believes,”
“anticipates,” “may,” “should,” “will,” “plans,” “projects,”
“expects,” “expectations,” “estimates,” “forecasts,” “predicts,”
“targets,” “prospects,” “strategy,” “signs,” and other words of
similar meaning in connection with the discussions herein.
Because forward-looking statements relate to the future, they are
subject to inherent risks, uncertainties and changes in
circumstances that are difficult to predict. Such risks and
uncertainties include, among others, the Company’s ability to
successfully integrate Interface’s business into its business, the
Company’s ability to retain and hire key personnel, the risk that
disruption resulting from the Acquisition may adversely affect the
Company’s and Interface’s respective businesses and business
relationships, including with employees and suppliers, or
disruptions in the global credit and financial markets, including
diminished liquidity and credit availability, that could have a
negative impact on the Company. Accordingly, actual results
may differ materially from those contemplated by these
forward-looking statements. Investors, therefore, are
cautioned against relying on any of these forward-looking
statements. They are neither statements of historical fact
nor guarantees or assurances of future performance.
Additional information regarding factors that may cause actual
results to differ materially from these forward-looking statements
is available in Lydall’s filings with the Securities and Exchange
Commission, including the risks and uncertainties identified in
Part II, Item 1A - Risk Factors of Lydall’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2018 and Part I, Item 1A -
Risk Factors of Lydall’s Annual Report on Form 10-K for the year
ended December 31, 2017.
These forward-looking statements speak only as of the date of
this publication, and Lydall does not assume any obligation to
update or revise any forward-looking statement made in this
publication or that may from time to time be made by or on behalf
of the Company.
For further information:
Brendan Moynihan
Vice President, Financial Planning
and Investor Relations
Telephone 860-646-1233
Facsimile 860-646-4917
info@lydall.com
www.lydall.com
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