CHARLOTTE, N.C. (News release) -- Glatfelter Corporation, a leading global supplier of engineered materials, announced it has completed the previously announced acquisition of Georgia-Pacific's U.S. nonwovens business for $175 million, subject to customary purchase price adjustments.

The transaction includes Georgia-Pacific's Mount Holly, North Carolina airlaid manufacturing operation along with a nonwovens product development operation and associated employees in Memphis, Tennessee, which collectively employ approximately 140 people. The Mount Holly facility produces high-quality airlaid products focused on wipes and table top materials. The new product development resources will enhance ongoing innovation efforts.

"Today's announcement is a major step forward in Glatfelter's ongoing transformation as we expand the U.S. footprint of our Airlaid Materials segment. We are excited to welcome Mount Holly and Memphis employees to Glatfelter, and we look forward to combining forces with our Glatfelter team to achieve even greater levels of operational excellence, innovation, and world-class customer service. By leveraging these assets and employee talents, we are confident the synergies from this acquisition will attractively position us to capture and service long-term demand for health and hygiene products. We believe today's announcement further reinforces our ongoing commitment to make meaningful investments that add scale to the business and enhance Glatfelter's value in the markets we serve," said Dante C. Parrini, Chairman & Chief Executive Officer.

Glatfelter financed the acquisition through a combination of cash-on-hand and borrowing under its existing revolving credit facility.