The shareholders and boards of AstenJohnson and Heimbach are in advanced negotiations to merge the Paper Machine Clothing and Advanced Fabric businesses of both companies. Together they employ over 3,400 employees globally, with manufacturing facilities in North America, Europe and Asia. The merger is subject to further due diligence and approval by competition law authorities and is expected to close in the second half of 2019. The Heimbach Technical Textiles and Filtration businesses and the AstenJohnson Eagle Nonwovens and Foss Performance Materials businesses will not be part of the transaction.
Together, these companies share a history of family ownership that dates back well over 200 years. This common foundation will result in exceptional value and support for our customers globally. In addition, we believe this long-term orientation and ability to exceed customer expectations will ensure ongoing stability for employees worldwide.
AstenJohnson and Heimbach have a lasting association as global partners in technology. There is a deep respect between these two companies, noted for their quality of people, inventive solutions and products. The combination of AstenJohnson and Heimbach presents an unparalleled opportunity to provide our customers in the pulp and paper industry with a unique world-class suite of products, services and solutions.
As we get regulatory approval and move forward, we will provide our employees and customers with additional details regarding our next steps to unlock the value in this merger.
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