Glatfelter Co to Own Concert Industries Corp

Glatfelter Co to Own Concert Industries Corp

PH Glatfelter Co, a manufacturer of specialty papers and engineered paper products, announced on Tuesday it is buying Concert Industries Corp from Brookfield Asset Management Inc for C$246.5 million ($237 million).

Glatfelter expects the acquisition to modestly add to 2010 earnings and add $0.20 to $0.25 per share to 2011 earnings.

Concert is a leading supplier of feminine hygiene products. Its customers include Procter & Gamble Co, Johnson & Johnson, SCA and Kimberly-Clark.

The deal, which Glatfelter plans to finance through a combination of cash on hand and debt, is expected to close by the end of the first quarter of 2010, according to Reuters' report.