Phenix City-based Vectorply is in the process of closing on an agreement to be bought for $155 million by Neenah Inc., a specialty materials manufacturer formed from a spinoff from paper products giant Kimberly-Clark.
Vectorply, currently a subsidiary of MSouth Equity Partners, makes high-performance composite materials for numerous markets, including aerospace, defense, industry, marine, sporting goods, transportation and wind energy.
Neenah officials said the deal would broaden its platform of technical products. The company’s products include printing and packaging papers, labels, advanced filtration media, specialized performance substrates for digital transfer, and tape and abrasive backings.
The Vectorply acquisition was expected to close at the beginning of April. Julie Schertell, currently Neenah’s COO, will succeed Neenah CEO John O’Donnell in May.
Neenah was spun off in 2004 from Kimberly-Clark, based in Neenah, Wisconsin.