Neenah Grows Both Premium Packaging and Technical Products Platforms with FiberMark Purchase
Neenah Paper Inc. recently announced that it had completed the previously announced purchase of all of the outstanding equity of ASP FiberMark, LLC ("FiberMark") from an affiliate of American Securities LLC on August 1, 2015.
FiberMark, with annual sales of over $160 million, is a specialty coating and finishing company with a strong presence in luxury packaging and overlapping technical product categories.The acquisition is expected to deliver synergies of $6 million per year within three years, with ongoing accretion (excluding one-time costs) of over $0.40 per share. The Company indicated it expects one-time costs in 2015 of approximately $5 million for transaction fees and integration.