Unifrax, a leading supplier of speciality materials focused on thermal management, filtration, battery materials, emission control and fire protection headquartered in Tonawanda, New York, is to acquire nonwovens manufacturer Lydall, Inc.

With its leading technologies and 23 manufacturing facilities around the world, Lydall is well positioned to capitalise on growth in clean air filtration and electric vehicle adoption, among many other attractive markets. Under the terms of the agreement, Lydall shareholders will receive $62.10 per share in cash for each share outstanding, implying a total enterprise value of approximately $1.3 billion.

“The combination of Unifrax and Lydall creates a global speciality materials platform with cutting-edge technologies in advanced filtration, electric vehicle battery systems, and energy saving applications,” said John Dandolph, president and CEO of Unifrax. “The addition of Lydall’s people, technologies, and assets to our portfolio will help accelerate our innovation pipeline and create a world class platform capable of solving the world’s most pressing energy consumption, environmental and filtration challenges.”

Unifrax is being backed by Clearlake Capital Group in the transaction, which is expected to close in the second half of 2021.

www.unifrax.com

www.lydall.com