Andrew Industries Limited has completed a USD$83m deal to sell 6 businesses within its Filtration Division to Lydall Inc. (NYSE: LDL), a New York Stock Exchange listed company, headquartered in Manchester, Connecticut. www.lydall.com
The deal involves subsidiaries operating in the UK, USA and China, employing some 450 people in total and generating revenues of USD$127m. The products are sold under the brands Andrew Webron in Europe, Southern Felt in the US and China Felt Company in China.
Lydall has operations in the US, France, the Netherlands and Germany with sales offices in Europe and Asia, and focuses on manufacturing speciality engineered products for the thermal / acoustical / filtration / separation and bio / medical markets.
By way of this sale Andrew Industries has taken the strategic decision to exit the supply of non-woven felt filtration media and filter bags used primarily in industrial air filtration applications.
Ongoing, Andrew Industries Group will concentrate future investment into its Engineering and Industrial Laundry Textile businesses as well as developing business in the Electrical Insulation market following its recent investment in its USA subsidiary Bondex Inc. Following the sale of the filtration businesses, ongoing revenue will be approximately US$110 million.
There are ongoing Supply Agreements as between Lydall and Andrew Industries which relate to the products manufactured by the Filtration Division for sale to the remaining two Divisions of Andrew Industries. We are pleased that there will be a continuing business relationship between those executives transferring to Lydall and those remaining within Andrew Industries. These Supply Agreements are very important to both parties.
We wish Lydall and all the employees working within the Filtration Division every success in the future.