ALPHARETTA, Ga., April 2, 2020 /PRNewswire/ -- Neenah, Inc.
(NYSE: NP) today announced that it had not closed on its agreement
to acquire Vectorply Corporation ("Vectorply") on April 1 as originally contemplated. 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," said John O'Donnell, Chief
Executive Officer. "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."
About Neenah, Inc.
Neenah is a leading global specialty materials company, focused
on premium niche markets that value performance and image. Key
products and markets include advanced filtration media, specialized
performance substrates used for digital transfer, tape and abrasive
backings, labels and other products, and premium printing and
packaging papers. The Company is headquartered in Alpharetta, Georgia and its products are sold
worldwide from manufacturing operations in the United States, Europe and the United Kingdom. Additional information can be
found at the Company's web site, www.neenah.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 27A of the
Securities Act of 1933 (the "Securities Act"), Section 21E of
the Securities Exchange Act of 1934 (the "Exchange Act"), the
Private Securities Litigation Reform Act of 1995 (the "PSLRA"), or
in releases made by the U.S. Securities and Exchange Commission
("SEC"), all as may be amended from time to time. Statements
contained in this press release that are not historical facts may
be forward-looking statements within the meaning of the PSLRA and
we caution investors that any forward-looking statements we make
are not guarantees or indicative of future performance. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to risks, uncertainties
and other factors, many of which are outside of our control and
could cause actual results to materially differ from such
statements. Such risks, uncertainties and other factors include,
but are not necessarily limited to, those set forth under the
captions "Cautionary Note Regarding Forward-Looking Statements"
and/or "Risk Factors" of our latest Form 10-K filed with the
SEC as periodically updated by subsequently filed Form 10-Qs
(these securities filings can be located on our website at
www.neenah.com). Unless specifically required by law, we assume no
obligation to update or revise these forward-looking statements to
reflect new events or circumstances. These cautionary
statements are being made pursuant to the Securities Act, the
Exchange Act and the PSLRA with the intention of obtaining the
benefits of the "safe harbor" provisions of such laws.
Contact:
Neenah, Inc.
|
Bill
McCarthy
|
|
Vice
President-Investor Relations
|
|
678-518-3278
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SOURCE Neenah, Inc.