NNBR - NN completes divestment of Life Sciences division

NN (NNBR) has completed the sale of its Life Sciences division to affiliates of American Securities LLC for the purpose of being combined with MW Industries.Net proceeds of $700M from the sale will be used to further pay down its debt and strengthen its balance sheet. With the proceeds from the transaction, NN expects to reduce its net leverage from ~6.1x to ~1.8x. Going forward, NN will be well-positioned as a diversified industrial platform with a growth trajectory of ~$600M in annual sales over the next five years."The divestiture of our Life Sciences division is an important milestone for NN to drive improved performance and generate long-term shareholder value," commented Warren Veltman, President and CEO.Previously: NN jumps 23% on $825M deal to sell life sciences unit (Aug. 24)

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NN completes divestment of Life Sciences division