Lydall Technical Nonwovens Divests Geosynthetic Installation Business
10 May 2019
MANCHESTER, Conn., May 10, 2019 (GLOBE NEWSWIRE) -- Lydall, Inc. (NYSE:LDL), through its wholly-owned subsidiary Texel Technical Materials, Inc. (“Lydall”), announced today that it completed the sale of Texel Geosol, Inc. (“Geosol”) on May 9, 2019 to FC Géosynthétiques, Inc. (“FC”). Geosol installs geosynthetic products in the civil engineering and environmental protection sectors, principally within the province of Quebec, Canada.
“The divestiture of Geosol follows Lydall’s strategy to focus on our core technologies and capabilities that improve our effectiveness and positioning as a specialty materials provider,” said Dale G. Barnhart, President and CEO of Lydall, Inc.
“We have found the ideal purchaser that shares our passion for this business and its people. FC’s deep expertise in geosynthetics installation and their local market knowledge positions them well as the new owner of Geosol. Additionally, Texel’s continued supply of geosynthetic materials to FC ensures end customers will maintain access to high quality products and service,” said Joe Abbruzzi, President of Lydall’s Technical Nonwovens segment.
Texel Technical Materials Inc. is a wholly-owned subsidiary of Lydall, Inc. (NYSE:LDL), a New York Stock Exchange listed company, headquartered in Manchester, Connecticut with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets. For more information, visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.
For further information:Brendan MoynihanVice President, Financial Planning and Investor RelationsTelephone 860-646-1233Facsimile email@example.com