Lydall Inc. completed its previously announced purchase of Interface Performance Materials on Aug. 31, for $265 million in cash.
Interface partners with OEMs and Tier I manufacturers to serve both original equipment and aftermarket needs in segments such as automotive, agriculture, construction, earthmoving and industrial. The company is headquartered in Lancaster, Pennsylvania, and supports its global sales with manufacturing sites in the U.S., Germany and India.
Lydall is headquartered in Manchester, Connecticut with global manufacturing operations producing specialty-engineered products for the thermal/acoustical and filtration/separation markets.
On the same day that the acquisition was finalized, the company also amended its existing credit facility, increasing it to $450 million principally to fund the transaction and provide additional capacity to support organic growth programs, fund capital investments and continue its pursuit of attractive acquisitions that will drive profitable growth.
Dale Barnhart, Lydall’s president and CEO, commented, “I am very excited to have completed the acquisition of Interface Performance Materials and to welcome Interface employees to the Lydall family. Customer reception has been incredibly positive since our announcement a few weeks ago, and culturally, the two businesses could not be a better fit.”
Barnhart added, “Interface delivers a very strong value proposition to its customers, positioning it as a leader in the industry with an excellent reputation for high-quality products and proven innovation. We are very excited about the future of Lydall Performance Materials, and we look forward to the successful integration of the combined businesses.”
According to Lydall, Interface is a leading, globally recognized brand that delivers complete sealing solutions with a comprehensive product portfolio, deep in-house technical capabilities and vertical integration. The transaction further advances Lydall’s engineered materials offering in new markets with similar technologies utilized in the business today. Interface will be integrated into the Lydall Performance Materials business segment, enabling Lydall to leverage manufacturing expertise with plans to optimize supporting functions throughout the business.
