CHARLOTTE, NC, July 22, 2021-

Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today announced that it has entered into a definitive agreement to acquire Jacob Holm, a global leading manufacturer of premium quality spunlace nonwoven fabrics for critical cleaning, high-performance materials, personal care, hygiene and medical applications, for an enterprise value of approximately $308 million including the extinguishment of debt and subject to post-closing adjustments.

Jacob Holm offers high-performing and innovative spunlace nonwoven technologies and advanced fiber-based sustainable solutions that will meaningfully increase Glatfelter’s diversification into attractive and complementary segments serving the growing wipes, healthcare and hygiene categories. With the acquisition of Jacob Holm, Glatfelter will acquire four additional manufacturing facilities and six sales offices located in the Americas, Europe, and Asia, and approximately 800 employees world-wide. Jacob Holm’s broad product offerings and blue-chip customer base will expand Glatfelter’s portfolio to include surgical drapes and gowns, wound care, face masks, facial wipes and cosmetic masks. The acquisition of Jacob Holm’s Sontara business, a leading brand of finished products for critical cleaning wipes and medical apparel, will also enhance Glatfelter’s technological capabilities. Jacob Holm generated approximately $400 million in revenue and about $45 million of EBITDA on an LTM basis as of June 30, 2021, supported by strong pandemic tailwinds. Glatfelter believes Jacob Holm’s June LTM results include a benefit from COVID-related demand estimated to be between $10 million and $15 million of EBITDA. Glatfelter expects to realize annual cost synergies of approximately $20 million within 24 months of closing and is committed to deleveraging its balance sheet following the consummation of this transaction.  

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