Lydall acquired the industrial filtration businesses (Andrew Filtration) of Andrew Industries (Andrew), a UK-based corporation, for USD 83M in cash. The transaction strengthens Lydall’s position as a global provider of filtration and engineered materials products, and diversifies the company’s end markets and geographic revenue base.
Andrew Filtration is a manufacturer and supplier of non-woven felt filtration media and filter bags used primarily in industrial air filtration applications. Andrew Filtration’s products are highly regarded and are sold under the brands SOUTHERN FELT in the United States, ANDREW WEBRON in Europe and CHINA FELT COMPANY in Asia. Non-woven filter media is the most commonly used filter technology to satisfy increasing emission control regulations in a wide range of industries. The acquired business consists of operations in the United States, the United Kingdom and China, and approximately 500 employees.
For the 12 months ended December 31, 2013, Andrew Filtration’s unaudited revenue was approximately USD 127M and unaudited EBITDA was approximately USD 14M, excluding non-recurring items. The acquisition is being financed through a combination of cash-on-hand and USD 60M of borrowings from the company’s recently expanded USD 100M revolving credit facility.
