Lydall Invests in New Fine Fiber Meltblown Production Line to Meet Rising Global Face Mask Demand
Rhea-AI Summary
Lydall, Inc. (NYSE: LDL) announced a significant investment in a fine fiber meltblown asset to meet the soaring demand for specialty filtration media for face masks. This new production line aims to supply filtration media for one billion face masks annually, addressing the current global shortage. Expected to start production in Q4 2020 at its Rochester, New Hampshire facility, Lydall will hire up to 15 new employees. The company is a key supplier of filtration media for N95 and surgical masks, operating at full capacity to support frontline workers during the COVID-19 pandemic.
Positive
- Investment in a new meltblown asset to boost face mask filtration media supply.
- Projected to produce filtration media for one billion face masks annually.
- Plans to hire 15 additional employees to support increased production.
- Strong demand for N95 and surgical masks positions company as a critical supplier.
Negative
- None.
News Market Reaction – LDL
In the trading session that priced this news, LDL gained 8.19%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MANCHESTER, Conn., June 02, 2020 (GLOBE NEWSWIRE) -- Lydall, Inc. (NYSE: LDL), a leading manufacturer of value-added engineered materials and specialty filtration solutions that promote a cleaner, safer and quieter world, today announced an investment in an additional fine fiber meltblown asset in response to the exponential increase in domestic and global demand of specialty filtration media for face masks. This new production line will enable Lydall – one of the few American manufacturers capable of producing high-quality fine fiber meltblown filtration media for N95, surgical and medical face masks – to significantly increase its supply and help alleviate the shortage of meltblown materials, both in the U.S. and internationally.
“In the wake of COVID-19, the need for the filtration media that makes face masks effective has increased dramatically, so much so that it is now being called the ‘golden fleece,’” Sara A. Greenstein, President and CEO of Lydall, said. “As one of the only companies in North America and Europe with the technical expertise, supplier relationships and access to the right machines to produce this filtration media, we feel great responsibility to do everything within our power to increase our output, support domestic supply chains and contribute to the global fight against COVID-19. This investment is one example of Lydall’s commitment to do just that.”
The new asset will complement Lydall’s existing global meltblown capacity and is estimated to supply the filtration media for one billion face masks per year, almost a third of the 3.5 billion that the U.S. Department of Health and Human Services has projected as necessary to protect healthcare workers. Lydall expects commercial production to begin in its Rochester, New Hampshire facility in the fourth quarter of 2020 and plans to hire up to 15 additional employees to support the increase in production.
A technical market leader in the creation of specialty filtration solutions for nearly 100 years, Lydall has quickly pivoted to address the worldwide surge in demand for PPE and other products that support frontline workers and their patients. In addition to manufacturing the critical filtration efficiency layers for N95 respirator masks, ASTM 1, 2, 3 medical masks, and general-purpose masks, Lydall also supplies other support materials for face masks, including comfort layers, protective layers and ties straps.
“Being a trustworthy business partner is a top priority at Lydall. It is always our goal to provide our customers with a consistent supply of high-quality, specialty products and superior customer service,” Ashish Diwanji, incoming President of Lydall Performance Materials, added. “As the principal supplier of meltblown filtration media to many of the U.S.’s largest face mask producers, we are currently operating at full capacity, with our extraordinarily dedicated team running our existing production lines 24 hours a day, seven days a week. We are pleased that the new installation of this asset will enable us to substantially increase our output of this critically-needed product.”
The company has also ramped up production of other much-needed filtration products like needlepunch felt for hospital gowns, medical wipes and absorbent bed pads. In preparation for the U.S. economy’s reopening, Lydall’s innovation team is advancing its filtration science to develop new, high-efficiency, HEPA-rated filtration media to improve the air quality of public spaces, including office buildings, shopping centers, hospitals and airports.
With a global footprint and 3,300 employees around the world, Lydall has facilities across the United States, Canada, Europe and China that are all capable of manufacturing these products and supporting local supply chains. Beyond PPE, the company offers a wide portfolio of capabilities and materials that have medical, governmental and military applications. For more information on Lydall’s COVID-19-related products, visit https://lydall.com/covid-19-relief-effort.
About Lydall, Inc.
Headquartered in Manchester, Connecticut with global manufacturing operations, Lydall delivers value-added engineered materials and specialty filtration solutions that promote a cleaner, quieter and safer world. We partner with our customers to develop bespoke, high-performing and efficient solutions that are adaptable and scalable to meet their needs. Lydall is a New York Stock Exchange-listed company. For more information, visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.