DELSTAR, INC. TO BE ACQUIRED BY SWM
ALPHARETTA, GA and MIDDLETOWN, DE (November 18, 2013) – DelStar, Inc. and SWM (NYSE: SWM) today announced they have executed a definitive agreement, whereby SWM will acquire DelStar from Bethesda, MD based investment firm American Capital Strategies (NYSE: ACAS). Under the terms of the agreement, DelStar will become a wholly owned subsidiary of SWM. The acquisition has been approved by both Boards of Directors and is expected to close once customary closing conditions are met, which is anticipated in advance of year-end.
“We are excited to welcome DelStar to the SWM family,” said Frédéric Villoutreix, SWM’s Chairman of the Board and Chief Executive Officer. “DelStar is an exceptional company with unique products, a strong management team, and a leading global presence in the increasingly growing filtration and medical industries. They share our customer-centric approach and collaborate with their customers to produce innovative solutions focused on long-term mutual growth. This is a financially and strategically compelling transaction and a unique opportunity that will deliver excellent value for our shareholders. We look forward to using DelStar as a platform for future growth across their attractive markets.”
Mark Abrahams, President and Chief Executive Officer of DelStar Technologies stated, “We could not be more pleased with our selection of SWM and Frédéric as our long term partner. Their strong support will place DelStar in the optimal position to expand even further and strengthen our competitive market position. SWM will help us expand our product offerings and allow us to advance our foreign presence. Our combined technologies and operational knowledge will certainly allow us to deliver even more solutions to our diverse customer bases.”
SWM (NYSE: SWM) is a leading provider of highly-engineered and proprietary solutions primarily for the tobacco industry. It also manufactures specialty papers for other applications. SWM and its subsidiaries conduct business in over 90 countries and employ about 2,500 people worldwide, with operations in the United States, France, Brazil, Canada, Poland and two joint ventures in China. For further information, please visit the company’s web site at www.swmintl.com.
About DelStar Technologies:
DelStar Technologies is a custom manufacturer of plastic and metal components used in filtration, automotive, healthcare, industrial, food, electronics and textile markets. Their products include a wide variety of plastic nets, nonwovens, tubes, and cores, plus specialized plastic and metal machined parts. The DelStar Technologies’ brands include Naltex® extruded netting, Delnet® apertured films, DelPore® meltblown nonwovens, Stratex® laminate composites and Coretec® extruded cores, tubes and machined parts.
DelStar Technologies, Inc., headquartered in Middletown, DE, has manufacturing operations at that location, as well as in Austin, Texas; Richland, Pennsylvania; El Cajon, California; and Suzhou, China. Please visit the company’s website at www.delstarinc.com.
Contact InformationURL: http://www.delstarinc.com
Phone: D. Timothy Cullen, V.P.Sales &Marketing, 1 (800) 521-6713, +1 (302) 378-8888
Company: DelStar Technologies, Inc.