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June 21, 2021

Manchester manufacturer Lydall to be acquired by NY firm

Photo | Lydall

Lydall Inc., a filtration systems and engineered products supplier with deep roots in Manchester, has agreed to be acquired by a New York firm.

In a statement released Monday morning, company officials announced the signing of an agreement with Unifrax, a specialty materials group, that would buy Lydall for $62.10 per share, giving the company an implied value of approximately $1.3 billion.

Unifrax is headquartered in Tonawanda, New York, just outside of Buffalo. It makes high temperature-resistant fabricated products, coatings, insulation, furnace hardware, textiles and battery materials.

The deal must be approved by Lydall shareholders and cleared by regulators. Provided those requirements are eventually met, company officials said, the merger should close some time in the second half of this year.

“We are excited about the combination of Lydall and Unifrax,” said Lydall President and CEO Sara Greenstein. “With this transaction, we are creating a leader in specialty filtration and advanced materials with over 250 years of combined expertise and experience delivering innovative and compelling solutions to customers worldwide.”

Lydall designs and manufactures thermal insulation systems, non-woven filtration materials and noise abatement products. The firm’s forerunner companies date back to 1869, and over the years the enterprise evolved from making paper and paperbox boards to more sophisticated specialty filters and insulators. It changed its name from Colonial Board to Lydall in 1969.

More recently, during the COVID-19 pandemic, the company drew on its expertise in filtration technology to produce much in demand face masks.

Lydall maintains its corporate offices on Colonial Road in Manchester. It has not had a manufacturing presence in the area since 2001, when it shut down its last local factory, the 121-year-old Lydall & Foulds paperboard plant.

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