Glatfelter Buys Paper Operations

The deal costs $80 million.
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Glatfelter

(GLT) - Get Report

agreed to buy NewPage's carbonless and specialty paper business for $80 million in cash.

The operations, based in Chillicothe and Fremont, Ohio, had estimated 2005 sales of about $440 million.

"This acquisition supports our vision of becoming the global supplier of choice in specialty papers and engineered products," said Glatfelter. "It is an exceptional opportunity to purchase assets with world-class production capabilities at an attractive price."

The company expected to close the transaction around March 31.

Glatfelter is a global manufacturer of specialty papers and engineered products. NewPage is a producer of coated papers in North America.

On Wednesday, Glatfelter rose 20 cents to $15.13.

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