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NNBR - NN Inc.: A Look After The Life Sciences Sale
NN Inc.
NN Inc. (NNBR) announced a big sale, one which brought in hundreds of millions and thereby reduces the leverage profile of the firm a great deal, as the investment thesis and implications thereon warrant a look at the business.
The pro forma picture creates a business with far less leverage, still solid (adjusted) earnings power. While expectations are low following the deal, a bad track record and concerns about transaction and stranded costs mean that I am cautious as management has some to prove first.