MANCHESTER, CT -- 09/05/08 --
Lydall, Inc. (NYSE: LDL) announced today
that it has signed a definitive agreement to sell for cash Lydall
Transport, Ltd. to LTL Acquisition, LLC, a company formed by Pine Creek
Partners, LLC, a Washington, D.C. based private equity firm in partnership
with Bill Franks and other members of management of Lydall Transport. The
transaction is expected to close in the third quarter of 2008 and is
subject to customary closing conditions. The Company expects the proceeds
from the sale to exceed the carrying value of Lydall Transport, Ltd. and
the associated transaction costs.
Lydall Transport, Ltd. is comprised of transport, distribution and
warehousing businesses that specialize in time-sensitive shipments and
warehouse management services primarily serving the paper and printing
industries. The business generated 2007 revenues of $20.3 million and was
the largest component reported in Other Products and Services.
Dale Barnhart, President and Chief Executive Officer of Lydall, commented,
"First, I want to thank the employees of the transport businesses for their
service and individual contributions to Lydall over the years. I am
confident of their continued success as part of LTL as they implement their
goal of establishing a greater platform in the logistics field.
"The sale of the transport business frees up both management time and
capital resources for our core businesses, which will support our long-term
growth strategy of focusing on air and liquid filtration, life science and
biomedical markets."
Lydall, Inc. is a New York Stock Exchange listed company, headquartered in
Manchester, Connecticut. The Company, with operations in the U.S., France,
and Germany and sales offices in Europe and Asia, focuses on specialty
engineered products for the thermal/acoustical and filtration/separation
markets. For additional information, please visit www.lydall.com.
In the interest of more meaningful disclosure, Lydall and its management
make statements regarding the future outlook of the Company, which
constitute "forward-looking statements" under the securities laws. These
forward-looking statements are intended to provide management's current
expectations for the future operating and financial performance of the
Company, based on assumptions and estimates currently believed to be valid.
Forward-looking statements included within this document are generally
identified through the use of language such as "believe," "expect," "may,"
"plan," "project," "estimate," "anticipate" and other words of similar
meaning in connection with the discussion of future operating or financial
performance. All forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in the forward-looking statements.
For further information:
Thomas P. Smith
Vice President, CFO and Treasurer
860-646-1233
www.lydall.com
Email: investor@lydall.com
