Manchester-based Lydall Inc.has completed a $58 million cash purchase of German company, MGF Gutsche GmbH & Co. KG.
First announced in late November, MGF Gutsche GmbH & Co. KG produces nonwoven needle punch materials serving the industrial filtration and high performance nonwoven segments. The business consists of operations in Germany and China.
Dale G. Barnhart, Lydall's president and CEO, said the experienced management team and expanded footprint, plus the filtration products, will position Lydall well in the growing waste-to-energy incineration market in the U.S. and in Europe.
Completed on Dec. 30, the transaction included $32 million of borrowings from the company's existing revolving credit facility. The remainder was paid from cash on hand.