Lydall Completes Acquisition of Interface Performance Materials
- Strengthens engineered materials offering, with a leading globally-recognized brand
- Leverages existing manufacturing capabilities and know-how
- Enhances Lydall’s portfolio with meaningful scale and margin profile
MANCHESTER, CT – September 4, 2018 – Lydall, Inc. (“Lydall” or the “Company”) (NYSE:LDL),
completed the previously announced purchase of Interface Performance Materials (“Interface”) on
August 31, 2018, for $265 million in cash. On the same day, 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
pursuits of attractive acquisitions that will drive profitable growth.
Dale G. Barnhart, Lydall’s President and Chief Executive Officer, stated, “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.”
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, further progressing its leadership in fiber-based wetlaid
production, and enabling Lydall to leverage manufacturing expertise with plans to optimize
supporting functions throughout the business.
Interface partners with OEMs and Tier I manufacturers to serve both original equipment and
aftermarket needs in segments such as Agriculture, Construction, Earthmoving, Industrial, and
Automotive. Headquartered in Lancaster, Pennsylvania, Interface supports its global sales with
manufacturing sites in the U.S., Germany and India.
Lydall, Inc. is a New York Stock Exchange listed company, headquartered in Manchester,
Connecticut with global manufacturing operations producing specialty engineered products for the
thermal/acoustical and filtration/separation markets. For more information, visit
http://www.lydall.com. l is a registered trademark of Lydall, Inc. in the U.S. and other
Cautionary Note Concerning Factors That May Affect Future Results
This publication contains “forward-looking statements” within the Private Securities Litigation
Reform Act of 1995. Any statements contained in this publication that are not statements of
historical fact, including statements related to the expected benefits of growth or synergies may be
deemed to be forward-looking statements. All such forward-looking statements are intended to
provide management’s current expectations for the future based on current expectations and
assumptions relating to the Company’s business, the economy and other future conditions.
Forward-looking statements generally can be identified through the use of words such as
“believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,”
“estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of
similar meaning in connection with the discussions herein. Because forward-looking statements
relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances
that are difficult to predict. Such risks and uncertainties include, among others, the Company’s
ability to successfully integrate Interface’s business into its business, the Company’s ability to
retain and hire key personnel, the risk that disruption resulting from the Acquisition may adversely
affect the Company’s and Interface’s respective businesses and business relationships, including
with employees and suppliers, or disruptions in the global credit and financial markets, including
diminished liquidity and credit availability, that could have a negative impact on the Company.
Accordingly, actual results may differ materially from those contemplated by these forward-looking
statements. Investors, therefore, are cautioned against relying on any of these forward-looking
statements. They are neither statements of historical fact nor guarantees or assurances of future
performance. Additional information regarding factors that may cause actual results to differ
materially from these forward-looking statements is available in Lydall’s filings with the Securities
and Exchange Commission, including the risks and uncertainties identified in Part II, Item 1A -
Risk Factors of Lydall’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 and
Part I, Item 1A - Risk Factors of Lydall’s Annual Report on Form 10-K for the year ended
December 31, 2017.
These forward-looking statements speak only as of the date of this publication, and Lydall does
not assume any obligation to update or revise any forward-looking statement made in this
publication or that may from time to time be made by or on behalf of the Company.