Lydall Acquires Affinity Industries

MANCHESTER, Conn., Oct. 26 -- Lydall Inc. this week announced its acquisition of Affinity Industries Inc. for $21.7 million in cash. Affinity, located in Ossipee, N.H., is a specialty manufacturer of thermal control equipment for semiconductor, pharmaceutical, medical, laser, industrial and telecommunication applications.

Lydall's president and CEO Christopher R. Skomorowski said Affinity sales have grown over the past four years at a compound average annual rate close to 26 percent and the company has been consistently profitable. He said sales of approximately $18 million are forecast for 2002.