Lydall Completes Acquisition of Interface Performance Materials
- 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
MANCHESTER, Conn., Sept. 04, 2018 (GLOBE NEWSWIRE) -- 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 . Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.
Cautionary Note Concerning Factors That May Affect Future Results
This 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
