NN, Inc. Strengthens Balance Sheet Through Sale of Non-Core Plastics Plant

Core Points - NN, Inc. has entered into a definitive agreement to sell its plastics products plant, Industrial Molding Corporation (IMC), to Davalor Mold Company for approximately $16 million in net cash proceeds [1][2][6] - The sale is part of NN's strategy to improve its balance sheet by paying down debt and focusing on core markets such as automotive, electrical, industrial, and medical [2][3][6] - Following the divestiture, NN has revised its full-year 2024 outlook, projecting revenue between $465 million and $485 million, adjusted EBITDA between $47 million and $51 million, and free cash flow between $8 million and $12 million [3][7] Financial Advisory - Blaige & Company served as the exclusive financial advisor for the transaction [8] Company Overview - NN, Inc. is a global diversified industrial company that specializes in high-precision components and assemblies, with a presence in North America, Europe, South America, and Asia [9]