Freudenberg Completes Acquisition of Low & Bonar - Makers of Colbond
Weinheim, DE, May 13, 2020-The global technology group Freudenberg acquired 100% of the shares in Low & Bonar PLC, London, United Kingdom. Both Freudenberg and Low & Bonar make backing used to produce modular carpet tile and automobile carpet.
Freudenberg submitted an offer in September 2019. The Low & Bonar shareholders approved the sale in November 2019, the European Commission authorized the merger on April 17. Low & Bonar PLC will be delisted from the London Stock Exchange on May 13 at 8:00 a.m. local London time. Low & Bonar is a global manufacturer of technical textiles. The company will be integrated in the Freudenberg Performance Materials Business Group.
Freudenberg produces its backing products in Raliegh and Low & Bonar have a factory in Ashville. Plans, at this stage, are to keep both facilities.
Dr. Frank Heislitz, CEO of Freudenberg Performance Materials emphasizes: “As a pioneer in spunbonded nonwoven production, Freudenberg has offered its customers materials manufactured with a one-step production process since 1968. Thanks to the two-step process solution from Low & Bonar, we can be even more flexible and individually tailor products to customer specifications.” Freudenberg can also expand on its broad product range. This is particularly true for the current application in the construction, interior build out, home textile and automotive sectors.
“We are also opening new fields for Freudenberg with new applications thanks to Low & Bonar’s complementary technologies,” says Heislitz. The acquisition of Low & Bonar which was founded in 1903 and headquarters in London means Freudenberg Performance Materials now has 35 production facilities in Asia, Europe and North America (previously 24) and employees some 5,500 employees (previously some 4,000).