Glatfelter finalizes $360 million sale of specialty papers division
P.H. Glatfelter, the Spring Grove-based paper manufacturing company, announced that it finalized the $360 million sale of its specialty papers division to a private investment firm.
Lindsay Goldberg, the investment firm, has re-branded the division as Pixelle Specialty Solutions, drawing on the name of Glatfelter's Pixelle inkjet paper product line, the company announced on Oct. 31.
Steve Klinger, affiliate partner with Lindsay Goldberg and chairman of the new Pixelle Specialty Solutions, said that by the time Lindsay Goldberg has invested in a company, they've already begun identifying — and developing plans to leverage — that company's strengths.
"In Pixelle’s case, their strength is an excellent, category-leading product portfolio and excellent relationships with customers," Klinger said. "That’s a great foundation to build on."
Tim Hess, president of the specialty papers division under Glatfelter, will remain at the helm as president of Pixelle Specialty Solutions under Lindsay Goldberg, according to a news release.
"We have an opportunity to take our already great relationships with customers to the next level," Hess said. "We’ll maintain our focus on providing excellent products. Then, to build on that, we’ll improve operations through investments and process improvements that will directly benefit customers with competitive pricing."
Glatfelter announced in August that it planned to sell the unit to the investment firm.
In the August announcement, Glatfelter said Lindsay Goldberg would assume $250 million in pension liabilities related to the employees and would receive about $300 million in related assets from Glatfelter's existing pension plan.