Glatfelter

(GLT) - Get Report

completed its acquisition of NewPage's carbonless business operations for $80 million in cash and estimated working capital adjustment of $1.8 million.

Glatfelter is a global manufacturer of specialty papers and engineered products. NewPage is a producer of coated papers in North America. The operations, based in Chillicothe and Fremont, Ohio, had estimated 2005 sales of about $440 million.

"The completion of this transaction marks a significant milestone in our vision to become the global supplier of choice in Specialty Papers and Engineered Products," the company said. "A comprehensive program is underway to integrate these assets into Glatfelter's Specialty Papers business. We look forward to building a powerful specialty platform around the Chillicothe and Fremont facilities to better serve our customers and build greater value for shareholders."

The company also said that it is raising $300 million senior credit facility consisting of a $200 million revolver and a $100 million term loan. Proceeds will be used to refinance its existing revolving credit facility, fund acquisitions, and for general corporate purposes.

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