Nimbus agreed to acquire Low & Bonar NV and Low & Bonar Hungary Kft from Low & Bonar PLC (LSE:LWB) for €17.3 million on July 25, 2019. Low & Bonar PLC is disposing off its Needle-Punched Non-Wovens business through the sale of Low & Bonar NV and Low & Bonar Kft. Needle-Punched Non-Wovens recorded a profit of approximately €1.3 million, the total assets recorded were €35.2 million. The net proceeds of the disposal will be used to reduce the Low & Bonar's net borrowings. The transaction is subject to the fulfillment of a limited number of conditions in the sale agreement, including approval by the German competition authorities. The management team and employees of NPNW will transfer with the business. The transaction is expected to complete by August 31, 2019.