Manchester-based Lydall Inc. is acquiring the overseas firm MGF Gutsche GmbH & Co. for approximately $58 million in cash, the industrial filtration company announced Wednesday.
The agreement to purchase Gutsche, a transaction expected to close at year’s end, positions Lydall as “a global leader” in the needle punch nonwoven filtration market and strengthens its position as a provider of engineered technical materials, Lydall said in its announcement.
Gutsche’s nonwoven needle punch material business operates in Germany and China. Lydall plans to maintain a manufacturing presence in the UK, Europe and China, and increase efficiencies through restructuring, the company said.
The deal is subject to regulatory approval from German authorities and the completion of specified closing conditions.
