Lydall Inc's (NYSE: LDL) share price is surging after it was announced that Clearlake Capital-Backed Unifrax will acquire the company for approximately $1.3 billion.
Unifrax, a global provider of high-performance speciality materials, will pay $62.10 per share in cash for the speciality filtration materials and advanced material solutions company.
Unifrax said Lydall's leading technologies and 23 manufacturing facilities worldwide mean it is well-positioned to capitalise on growth in clean air filtration and electric vehicle adoption, among many other attractive markets.
“The combination of Unifrax and Lydall creates a global specialty materials platform with new cutting edge technologies in advanced filtration, electric vehicle battery systems, and energy saving applications,” said John Dandolph, President and CEO of Unifrax.
Sara Greenstein, President and CEO of Lydall, added: “We are excited about the combination of Lydall and Unifrax. With this transaction, we are creating a leader in specialty filtration and advanced materials with over 250 years of combined expertise and experience delivering innovative and compelling solutions to customers worldwide.”
Lydall's share price is up 82.1% at $60.65 following the news. In 2021, its stock price has gained over 101%.
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