Lydall, Inc., completed the previously announced purchase of Interface Performance Materials 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, states, “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. 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, PA, Interface supports its global sales with manufacturing sites in the U.S., Germany and India.