Lydall Performance Materials Acquires Gasket Materials Business from H&V
April 03 2019 - 9:00AM
Lydall, Inc. (NYSE:LDL), through its wholly-owned subsidiary Lydall
Performance Materials, Inc. (“Lydall”), announced today that it
acquired the gasket materials business from Hollingsworth &
Vose Company (“H&V”) on April 1, 2019. This transaction was
fully funded by on-hand cash.
This acquisition builds on the Interface business that was
acquired in August 2018 and integrated into Lydall Performance
Materials. The Interface brand is a globally recognized leader with
a comprehensive portfolio of complete sealing solutions, deep
in-house technical capabilities, and vertical integration. This
purchase will expand the Company’s position in the global gasket
material sector.
Lydall expects a seamless customer transition with full
integration expected to occur within the Second Quarter of
2019.
Josh Ayer, Division President, H&V said, “As a long-time
supplier to the industry, we are happy to have Lydall acquire the
book of business as this was the best way to ensure continuity for
our mutual customers. Lydall is a proven and trusted supplier in
this space, and we have full confidence in them to service and grow
these customer relationships with their Interface brand.”
Paul A. Marold, President, Lydall Performance Materials said,
“We are extremely excited about the acquisition of the gasket
materials business from H&V. It coincides perfectly with our
strategy of continuing to grow our market share in the sealing
market with high-quality products.” Marold added, “We look forward
to serving the needs of existing and new customers as a result of
this transaction, and we believe all will experience a seamless
transition to Lydall Performance Materials.”
Lydall Performance Materials, Inc. is a wholly-owned subsidiary
of Lydall, Inc. (NYSE:LDL), 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 meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
are intended to provide management’s current expectations for the
future operating and financial performance of the Company based on
current expectations and assumptions relating to the Company’s
business, the economy and other future conditions, and generally
can be identified through the use of words such as “believes,”
“anticipates,” “may,” “should,” “will,” “plans,” “projects,”
“expects,” “estimates,” “forecasts,” “predicts,” “targets,”
“prospects,” “strategy,” “signs,” and other words of similar
meaning. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and
assumptions that could cause actual results to differ materially
and adversely from those expressed in any forward-looking
statement. Investors, therefore, are cautioned against relying on
any of these forward-looking statements. Lydall’s Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and other Securities and
Exchange Commission filings discuss important risk factors that
could affect the Company’s business, results of operations and
financial condition.
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.
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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