PAPER PUSHERS.

• Author: Wanbaugh, Taylor
• Position: STATEWIDE: Triangle

Shares of Youngsville-based Xerium Technologies, which makes covers used on rollers in paper and packaging manufacturing, shot nearly 150% higher on June 25 after Austria's Andritz Group agreed to buy the company for $13.50 per share, or about $833 million, including debt.

It was a surprising outcome for a company that has reported combined losses of $36 million over the previous two years, showed little revenue growth recently and had about $509 million in debt at the end of 2017. But Andritz sees value in Xerium, which was formed in 1999.

Two key company shareholders, New York-based Carl Marks Management and Wynnefield Capital, have approved the transaction, which is expected to close later this year. They controlled about 20% of the company's stock as of April 2017, while New-York based AS Investors and Tocqueville Asset Management had a combined 23.5%.

"[Andritz's] prestigious reputation in our industry, as well as their true global scale, provides a compelling opportunity for our own global workforce," Xerium CEO Mark Staton said in a release. "I am convinced that Andritz will be a great long-term owner of Xerium."

Xerium operates 28...