In a press release issued last Friday, Manchester, Conn.-based Lydall Inc. announced that it has acquired Texel, a Canadian nonwoven geotextile company. The release said that Texel, a division of ADS Inc., was purchased for approximately $96 million in cash.
The release stated: “The transaction strengthens Lydall’s position as an industry-leading, global provider of filtration and engineered materials and expands its end markets.”
Texel is primarily a manufacturer of nonwoven needle-punched materials serving the geosynthetics, liquid filtration, and other industrial segments. It has three manufacturing operations and one distribution center located in the province of Quebec, and it has approximately 300 employees.
The release said that the acquisition will be included in Lydall’s Industrial Filtration operating segment, which will be renamed Technical Nonwovens.
Dale Barnhart, Lydall’s president and CEO, said: “The acquisition of Texel is highly complementary as it diversifies our filtration and engineered materials business into attractive adjacent markets while leveraging our existing manufacturing capabilities and know-how.”
Guy Drouin, ADS’s CEO said: “I am very excited for Texel to become a part of Lydall. Our culture, rooted in customer service and innovation, will fold seamlessly into Lydall. I wish Lydall and all of the employees of the combined business every success.”