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Glatfelter Acquires Metallised Products Limited
York, Pennsylvania, USA, 30 November 2007 -- Glatfelter (NYSE: GLT) announced today that it acquired Metallised Products Limited (MPL), a USD 53 million, privately held United Kingdom-based company. Under the terms of the agreement, Glatfelter purchased the stock of MPL for USD 7.2 million cash and it extinguished USD 6.0 million of MPL debt at the closing. The purchase price is subject to adjustments based on working capital and other factors. The acquisition will be financed from existing cash balances.

The facility is located in Caerphilly, United Kingdom, and manufactures a variety of metalized paper products for consumer and industrial applications. MPL employs approximately 165 employees and its fiscal 2007 revenues were approximately USD 53.4 million. Glatfelter expects the acquisition to be neutral to earnings in 2008 and slightly accretive in 2009.

“This transaction is a unique opportunity to expand our growth platform in metallized products and supports our vision of becoming the global supplier of choice in specialty papers and engineered products,” said George H. Glatfelter II, Glatfelter’s chairman and chief executive officer. “The acquisition demonstrates our commitment to the metalized paper segment, creates a major increase in European production scale, and supports revenue and margin growth in these high value niche markets.”

Glafelter plans to integrate the MPL operations (Glatfelter Caerphilly) into the Composite Fibers Business Unit which is led by Martin Rapp, vice president and general manager.

Headquartered in York, Pennsylvania, Glatfelter is a global manufacturer of specialty papers and engineered products. U.S. operations include facilities in Spring Grove, Pennsylvania, and Chillicothe and Fremont, Ohio, with a sales office in Pisgah Forest, North Carolina. International operations include facilities in the United Kingdom, Germany, France, and the Philippines, with a representative office in China. Glatfelter’s common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at www.glatfelter.com.

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