York-based paper products maker P.H. Glatfelter Co. has completed its acquisition of Dresden Papier GmbH for $210 million subject to a post-closing working capital adjustment.
Glatfelter announced a definitive agreement earlier this year to buy the German paper maker from Fortress Paper Ltd.
Dresden Papier is the leading global supplier of nonwoven wallpaper base materials, according to a news release.
The nonwoven wallpaper market globally is expected to continue to grow at least at a 10 percent compound annual rate, the release stated.
Glatfelter financed the deal with cash on hand and borrowing under its existing revolving credit agreement.
The company also announced today first-quarter net income of about $15.6 million, or 36 cents per diluted share, compared with about $18.9 million, or 43 cents per diluted share, in the year-ago quarter.