Freudenberg to expand spunlaid business
Freudenberg, the global technology group has made an offer to acquire 100 percent of the shares in Low & Bonar PLC, London, United Kingdom.
Freudenberg, the global technology group has made an offer to acquire 100 percent of the shares in Low & Bonar PLC, London, United Kingdom. Low & Bonar is a globally active manufacturer of technical textiles. The step would allow Freudenberg to further expand its technical expertise in spunlaid nonwovens. In addition, the acquisition would open up new areas of activity to Freudenberg. In the past financial year, Low & Bonar generated global sales of approximately 350[ In total, 431.9 million British Pounds minus disinvestment â€œCivil Engineeringâ€ business area (July 2019) ] million British Pounds (equivalent to some 394 million euros at todayâ€™s exchange rate) with approximately 1,900 employees. The proposed acquisition is subject to, among other things, Low & Bonar shareholder approval and approval by the antitrust authorities. Low & Bonar is listed on the London Stock Exchange and is a FTSE All Share Index company.
â€œWith the acquisition, we would like to strengthen our performance materials business, and with Low & Bonarâ€™s innovative technology we could further expand our technical know-how,â€ says Dr. Mohsen Sohi, Freudenberg Group CEO.
â€œAs a spunlaid production pioneer, Freudenberg has offered its customers solutions based on a one-step production process since 1968. Low & Bonarâ€™s two-step process solution will give us greater flexibility and allow us to more individually tailor our solutions to customer requirements,â€ explains Dr Frank Heislitz, Freudenberg Performance Materials CEO. In addition, Freudenberg would be able to offer its customers a broader product range, especially in existing applications for the construction, building interiors, home textiles and automotive sectors. â€œWe will also open up new areas of activity with new applications for Freudenberg thanks to Low & Bonarâ€™s adjacent technologies,â€ says Heislitz.
Like Low & Bonar, Freudenberg uses highly developed technologies in its fabric and textile development and production as well as for textile and material finishing. The products of both companies are known for their outstanding quality.Freudenberg and Low & Bonar also share the same approach when it comes to sustainability. Both companies aim to act responsibly and sustainably. Sustainability is integrated in the product cycle: from raw material and energy usage to the entire manufacturing process. Not only are international standards met; they are also exceeded.