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Glatfelter (NYSE: GLT ) has a new asset in its portfolio. The company announced it has finalized the acquisition of Germany-based Dresden Papier, which according to the American firm is "the leading global supplier of nonwoven wallpaper base materials."
Glatfelter paid $210 million for the company, a purchase that was financed through a combination of cash on hand and monies from a revolving credit facility. It expects Dresden Papier to be immediately accretive to earnings at an annual rate of around $0.25 per share.
In the press release announcing the development, Glatfelter said it believes the global nonwoven wallpaper market will grow at a minimum compound annual growth rate of 10%.