Brookfield Asset Management Selling Concert Industries

TORONTO (Reuters) – PH Glatfelter Co (GLT.N), a manufacturer of specialty papers and engineered paper products, said on Tuesday it is buying Concert Industries Corp from Brookfield Asset Management Inc (BAMa.TO) (BAM.N) for C$246.5 million ($237 million).


Glatfelter expects the acquisition to modestly add to 2010 earnings and add $0.20 to $0.25 per share to 2011 earnings.


Concert is a leading supplier of feminine hygiene products. Its customers include Procter & Gamble Co (PG.N), Johnson & Johnson (JNJ.N), SCA (PWAG.DE) and Kimberly-Clark (KMB.N).


The deal, which Glatfelter plans to finance through a combination of cash on hand and debt, is expected to close by the end of the first quarter of 2010. ($1=$1.04 Canadian) (Reporting by John McCrank; Editing by Derek Caney)