On September 20, 2019, Low&Bonar issued an announcement that Germany’s Freudenberg company had made an offer to acquire Low&Bonar group, and the acquisition of Low&Bonar group was decided by shareholders. Directors of Low&Bonar group and shareholders representing more than 50% of the shares approved the acquisition intention.At present, the completion of the transaction is subject to several conditions.

Headquartered in Germany, Freudenberg is a successful €9.5 billion family business active globally with significant business in performance materials, automotive components, filtration and nonwovens.The Low&Bonar group, founded in 1903 and listed on the London stock exchange, is one of the world’s leading high-performance materials companies.Low&Bonar group has 12 production sites worldwide and operates in more than 60 countries and regions.Colback® is one of the leading technologies owned by the robona group.The unique Colback® Colback nonwoven fabric is used by the world’s leading waterproofing coil manufacturers in the high-end segment.

It is understood that some of Low&Bonar’s competition authorities must also approve the deal before it is completed, particularly in Europe.In the meantime, Low&Bonar will continue to operate as an independent company as in the past and will strictly abide by competition rules and will not conduct any coordination in the market with Germany’s Freudenberg until the deal is completed.