Glatfelter (GLT), a global manufacturer
of specialty papers and fiber-based engineered materials, today announced it
has signed a definitive agreement to purchase Dresden Papier GmbH from Fortress
Paper Ltd. (FTP.TO) for €160 million (approximately U.S.$209 million).
Glatfelter expects the acquisition to be immediately accretive to earnings per
share by approximately $0.25 on an annualized basis.
Dresden
Papier, based in Heidenau (near Dresden), Germany, is the leading global
supplier of nonwoven wallpaper base materials, and is a major supplier to most
of the world's largest wallpaper manufacturers.
