NP - Neenah to close Wisconsin facility invest $13M in new release liner coating capacity

Neenah (NP) is closing its facility in Appleton, Wisconsin as part of its strategy to accelerate growth and strengthen margins.Linked with the closure of the facility, Neenah estimates annual EBITDA benefit of $7M to $8M, excluding estimated one-time cash closure costs of $5M-$6M and one-time non-cash charges of about $45M.The company expects annual revenues to decrease by $20M to $25M from the closure. The facility is expected to close by the end of the third quarter.In addition, Neenah said it is investing $13M in new release liner coating capacity to support its growing specialty coatings business and the recent ITASA acquisition. The capacity is planned to come on-line in mid-2023, adding capacity to fuel growth in North America and Latin America.The company is also restarting an idled Fine Paper & Packaging asset, which is expected in fourth quarter, to support its premium packaging business.“These actions will drive accretive value and accelerate efforts toward

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Neenah to close Wisconsin facility, invest $13M in new release liner coating capacity