Fibertex Nonwovens, a wholly-owned subsidiary of Schouw & Co., has agreed to acquire all shares in Non Woven Solutions LLC, a US manufacturer of nonwovens. As part of the transaction, a previously leased property has been acquired. The total transaction has an enterprise value of USD 25 million on a debt-free basis.
All preconditions for the agreement have been met, and the transaction is ready for immediate closing.
Headquartered north of Chicago, Non Woven Solutions generated 2013 revenue of almost DKK 100 million. The company manufactures and sells nonwovens in various product areas of the US market. Fibertex Nonwovens currently has only a limited presence in this market. Establishing a presence in the United States will give Fibertex Nonwovens unique opportunities to grow its sales of value-added products for the composites and automotive industries in particular, but the acquisition is also expected to have a positive effect on sales in other product areas.
Non Woven Solutions will not feature in the Schouw & Co. Group's consolidated financial statements until from the takeover date. Accordingly, the acquisition will have only a limited effect on consolidated revenue and earnings in 2014. Schouw & Co.'s consolidated interim report for the third quarter of 2014 is due to be released on Monday, November 3, 2014.
For further information, see the press release issued today.
Aktieselskabet Schouw & Co.
Jørn Ankær Thomsen Jens Bjerg Sørensen
Chairman President
Questions relating to the above should be directed to President Jens Bjerg Sørensen on tel. +45 87 34 58 24.
