Manchester-based manufacturer of specialty engineered products Lydall announced it has entered into an agreement to acquire Lancaster-based manufacturer of sealing solutions Interface Performance Materials for $265 million in cash.
The transaction will further advance Lydall’s engineered materials offering in new markets with similar technologies utilized in its performance materials business.
Lydall expects to leverage its business efficiencies, operating discipline and economies of scale to generate an estimated annual cost savings of approximately $4 million by 2020.
The transaction is expected to close in the third quarter of 2018.