In the past financial year, Low & Bonar generated global sales of approximately £350 million (equivalent to some €394 million) with approximately 1,900 employees. The proposed acquisition is subject to, among other things, Low & Bonar shareholder approval and approval by the antitrust authorities.
"With the acquisition, we would like to strengthen our performance materials business, and with Low & Bonar's innovative technology we could further expand our technical know-how," said Dr Mohsen Sohi, Freudenberg Group CEO.
"As a spunlaid production pioneer, Freudenberg has offered its customers solutions based on a one-step production process since 1968. Low & Bonar's two-step process solution will give us greater flexibility and allow us to more individually tailor our solutions to customer requirements," said 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.
"We will also open up new areas of activity with new applications for Freudenberg thanks to Low & Bonar’s adjacent technologies," added Heislitz.
Founded in 1903 and headquartered in London, Low & Bonar has 11 production facilities in Asia, Europe and North America. The company's aim is strong growth in its markets in the world regions, thus expanding its international footprint. Freudenberg has operated successfully in the US and China for decades and is thus an ideal partner for the implementation of this strategy.
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.
Freudenberg Performance Materials is a global manufacturer of innovative technical textiles offering differentiated value propositions to a broad range of applications such as apparel, automotive, building materials, energy, filter media, healthcare, hygiene, building interiors, shoe and leather goods as well as specialties. In 2018, the company generated sales of more than €920 million and had 23 manufacturing sites in 13 countries and more than 3,600 associates. (PC)
Fibre2Fashion News Desk – India