Ahlstrom to acquire HRS Textiles Inc. in the US
Ahlstrom Corporation, a leader in high performance fiber-based solutions, announced today that it has signed an agreement to acquire HRS Textiles Inc., based in Darlington, SC, USA, a manufacturer of specialty nonwovens, serving mainly the North American air and liquid filtration markets.
This acquisition will strengthen Ahlstrom's position in the air and liquid filtration markets in North America, particularly in the HVAC segment. It continues Ahlstrom's growth strategy in filtration, and comes as a strategic fit to complement previous acquisitions. Ahlstrom is one of the leading filtration media suppliers globally and this acquisition further reinforces the company's expansion strategy to become a major supplier to the air, liquid and transportation filtration markets.
The transaction, expected to close before the end of the month, will add approximately $20 million (EUR 17 million) in sales to Ahlstrom's Filtration business and includes all assets of HRS in Darlington, SC, USA. The new entity will operate as part of Ahlstrom Air Media LLC. HRS currently employs 120 people.
"Ahlstrom continues to commit to the filtration market and views the HVAC segment as a key growth area" commented Scott Murdock, VP Filtration for North America, "The integration of HRS will even further strengthen our offering in North America and enable us to manufacture close to our customers a complete range of versatile and high performance products".
"Our accelerated growth and commitment to the global filtration industry has been clearly evident in the past 6 months," added Randal Davis, Sr. VP Filtration, "with multiple acquisitions in North America and China, technology expansion with fine fiber and nanofiber capabilities, and our announced capacity increases, we are positioning Ahlstrom as a market and innovation leader in filter media. We are pleased to have active corporate investment support to benefit filtration customers in all geographies."
Jukka Moisio, President & CEO, + 358 (0)10 888 4700, email@example.com
Randal Davis, Sr. VP, Filtration, +1 860 654 8320, firstname.lastname@example.org
Ahlstrom in briefAhlstrom is a leader in the development, manufacture and marketing of high performance fiber-based materials. Nonwovens and specialty papers, made by Ahlstrom, are used in a large variety of everyday products, e.g. in filters, wipes, flooring, labels, and tapes. The company has a strong market position in several business areas in which it operates, built upon the company's unique fiber expertise and innovative approach. Ahlstrom's 5,400 employees serve customers via sales offices and production facilities in more than 20 countries on five continents. In 2004, Ahlstrom's net sales amounted to EUR 1.6 billion. The company website is www.ahlstrom.com