Neenah Paper to acquire all outstanding equity of FiberMark from affiliate of American Securities for $120 million




ALPHARETTA, GA, July 22, 2015-

Neenah Paper, Inc. announced it had signed a definitive agreement to purchase all of the outstanding equity of ASP FiberMark, LLC ("FiberMark") from an affiliate of American Securities LLC for $120 million. With annual sales of over $160 million, FiberMark is a specialty coating and finishing company with a strong presence in luxury packaging and overlapping technical product categories. The company sells globally from six production facilities in the United States and one in the United Kingdom.

"FiberMark is well known in the marketplace for its high touch service as well as a meaningful breadth of premium coated, textured and colored products. The acquisition adds new capabilities that will further accelerate our strategy to expand in targeted growth areas like premium packaging and performance materials, and complements previously announced strategic investments supporting the continued growth of our filtration business," said John O'Donnell, Chief Executive Officer. "The combination of FiberMark and Neenah increases the size and our reach in many of our addressable markets and provides opportunities to accelerate growth with a wider range of capabilities and products to better serve our customers. From a financial standpoint, the investment represents an attractive use of capital with a mid-teen rate of return, is not dilutive to our EBITDA margins and will be immediately accretive in year one."


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