Neenah Inc. cancels acquisition of Vectorply
Originally scheduled for April 1, the specialty materials company announces that the $155 million acquisition has not been completed as planned.
Specialty materials company Neenah Inc. (Alpharetta, Ga., U.S.) reported on April 2 that it did not close on its agreement to acquire composite materials supplier Vectorply Corp. (Phenix City, Ala., U.S.) on April 1 as originally announced. Neenah had agreed to acquire Vectorply from MSouth Equity Partners for $155 million in cash.
“Regarding our ongoing business during this challenging time, the health and safety of our employees are paramount and we've taken actions across our company to protect them, while also carefully managing costs, capital expenditures and working capital,” says John O'Donnell, CEO. “We exited 2019 with a conservative leverage position and our liquidity today is strong. Our primary near-term focus is the health and welfare of our employees and business, and we feel confident in our ability to weather the current crisis.”
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