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MATTR CORP - MTTRF STOCK NEWS

Welcome to our dedicated page for MATTR news (Ticker: MTTRF), a resource for investors and traders seeking the latest updates and insights on MATTR stock.

MATTR CORP (MTTRF) is a leading technology company specializing in composite and connection technologies. With a focus on innovation and sustainability, MATTR has achieved significant growth and recognition in the industry. The company's financial stability, strategic partnerships, and diverse product portfolio make it a key player in the market.

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Mattr Corp. (TSX: MATR) has announced two significant developments: First, the expiration of the HSR Act waiting period for its planned US$280 million acquisition of AmerCable from Nexans USA Inc., with the transaction expected to close around January 2, 2025. Second, following this regulatory approval, the company confirmed the conversion of its previously announced 125,000,000 debt subscription receipts into 7.25% senior unsecured notes due April 2, 2031.

AmerCable specializes in manufacturing engineered electrical power, control, and instrumentation cables for harsh environments, serving critical infrastructure sectors including mineral extraction, renewable power generation, and energy markets. The net proceeds from the debt offering will partially fund the AmerCable acquisition.

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Mattr Corp. (TSX: MATR) has successfully closed its private offering of debt subscription receipts, raising gross proceeds of approximately $129.3 million. The proceeds will partially fund the acquisition of AmerCable Incorporated, expected to close in Q1 2025. The offering consists of 125,000,000 subscription receipts, which will convert into 7.25% senior unsecured notes due April 2, 2031. Upon conversion, the total outstanding notes will amount to $300 million. The offering was conducted through TD Securities and National Bank Financial Markets, targeting accredited investors in Canada and qualified institutional buyers in the US under Rule 144A.

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Mattr Corp (TSX: MATR) has issued a correction to its earlier press release regarding the pricing of debt subscription receipts. The yield to maturity on 125,000 Subscription Receipts has been corrected from 6.375% to 6.735%.

The company is selling these receipts at $1,018.75 per unit through a private placement offering, generating approximately $129.3 million in gross proceeds. Each receipt will convert into a 7.25% senior unsecured note due April 2, 2031. The proceeds will partially fund the acquisition of AmerCable Incorporated, expected to close in Q1 2025.

The offering, led by TD Securities and National Bank Financial Markets, is available to accredited investors in Canada and qualified institutional buyers in the US under Rule 144A. The closing is anticipated around December 19, 2024.

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Mattr Corp (TSX: MATR) has announced a private placement offering of 125,000 debt subscription receipts at $1,018.75 per receipt, yielding 6.375%, for gross proceeds of approximately $129.3 million. Each subscription receipt will convert into a 7.25% senior unsecured note due April 2, 2031, with a principal amount of $1,000.

The proceeds will partially fund the previously announced acquisition of AmerCable Incorporated, expected to close in Q1 2025. Following the issuance, $300 million aggregate principal amount of 7.25% senior unsecured notes will be outstanding. The offering, led by TD Securities and National Bank Financial Markets, is expected to close around December 19, 2024.

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Mattr Corp reported Q3 2024 results with consolidated revenue of $250 million, net income of $13 million, and adjusted EBITDA of $37 million. Revenue from Continuing Operations increased 2% to $226 million. The company announced the sale of Thermotite for $17.5M USD and plans to acquire AmerCable for $280M USD. The Composite Technologies segment saw a 3% revenue decrease to $136 million, while Connection Technologies revenue grew 10% to $90 million. The company remained active in share buybacks, repurchasing 1.44M shares for $22.2M during Q3. Management expects Q4 2024 to see seasonal slowdown and has implemented cost reduction measures targeting $20M in annual savings.

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Mattr Corp has agreed to acquire AmerCable from Nexans USA for US$280 million, representing approximately 5.0x TTM Adjusted EBITDA. The acquisition will enhance Mattr's wire and cable capabilities in the U.S. market and strengthen its Connection Technologies segment. The transaction is expected to close around year-end 2024, subject to regulatory approvals. The deal will be immediately accretive to earnings per share by over 40% before synergies and will be financed through cash and existing credit facilities. Post-acquisition, the Connection Technologies segment will represent 54% of consolidated revenue, adding >C$75 million in TTM Adjusted EBITDA.

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Mattr Corp (TSX: MATR) has announced its participation in the 16th Annual Southwest IDEAS Investor Conference in Dallas, TX. Mike Reeves, President & CEO, and Tom Holloway, SVP Finance & CFO, will deliver a presentation on November 20, 2024, at 8:35am CT at The Statler. The presentation will be accessible via webcast through both the conference website and Mattr's investor relations section.

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Mattr Corp (TSX: MATR) has scheduled its Q3 2024 earnings conference call for Thursday, November 14th, 2024, at 9:00 AM ET. The company will release its financial results for the period ended September 30th, 2024, on Wednesday, November 13th, 2024, after TSX market close. A presentation will be available on the company's website prior to the earnings call. Mattr operates in critical infrastructure markets through two segments: Composite Technologies and Connection Technologies, focusing on infrastructure renewal and enhancement.

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Mattr Corp. (TSX: MATR) has announced a definitive agreement to sell its Brazilian pipe coating subsidiary, Thermotite do Brazil, to Vallourec Tubular Solutions for US$17.5 million (approximately CAD$24 million). This transaction marks the final divestment of Mattr's pipe coating business, aligning with the company's strategy to simplify its portfolio and focus on high-return growth in core businesses.

The deal, subject to regulatory approvals, is expected to close within the standard review time. Mattr will retain control and earnings from Thermotite until closing. CEO Mike Reeves stated that this transaction concludes their strategic review process and enhances Mattr's ability to deliver focused growth in remaining core businesses. Thermotite will be reported as an asset held for sale effective September 2024.

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Mattr Corp. (TSX: MATR) has been included in the TSX30 for 2024, ranking sixteenth among top-performing stocks on the Toronto Stock Exchange. The company achieved a 183% dividend-adjusted share price appreciation and a 166% increase in market capitalization over the past three years. This marks Mattr's second consecutive year on the list.

CEO Mike Reeves attributes the success to employee efforts in executing the company's high-margin growth strategy. Mattr has invested heavily in 2023 and 2024 to grow its core businesses organically while pursuing strategic acquisitions and returning capital to shareholders through a normal course issuer bid.

Mattr is a global materials technology company serving critical infrastructure markets, operating through two business segments: Composite Technologies and Connection Technologies.

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FAQ

What is the current stock price of MATTR (MTTRF)?

The current stock price of MATTR (MTTRF) is $8.69523 as of December 24, 2024.

What is the market cap of MATTR (MTTRF)?

The market cap of MATTR (MTTRF) is approximately 629.6M.

What does MATTR CORP specialize in?

MATTR CORP specializes in composite and connection technologies, focusing on innovation and sustainability.

What makes MATTR a key player in the industry?

MATTR's financial stability, strategic partnerships, and diverse product portfolio contribute to its significant growth and recognition.

Where can I find additional information about MATTR CORP?

For further information, visit MATTR's official website at www.mattr.com or contact Meghan MacEachern, VP of External Communications & ESG, at meghan.maceachern@mattr.com.

How can non-registered holders participate in MATTR's Meeting?

Non-registered holders can attend as guests but will not be able to vote unless they appoint themselves as proxy. Detailed instructions are provided in the Circular relating to the Meeting.

What is the notice-and-access provision used by MATTR for the Meeting?

MATTR has elected to use the notice-and-access provisions, reducing the physical mailing volume of Meeting materials to shareholders by posting proxy-related materials online.

Where can I find more detailed updates about MATTR's business?

For a more detailed business update, shareholders can listen to the Q1 2024 earnings call webcast accessible via the company's website.

What are some highlights from MATTR's first quarter?

The first quarter highlights include details on composite technologies, connection technologies, financial performance, and more.

What information is available on SEDAR+ and MATTR's website regarding the Meeting?

Shareholders can find Meeting-related materials, business details, proxy materials, and annual financials on SEDAR+ and MATTR's website.

Who should I contact for external communications and ESG at MATTR?

To reach out regarding external communications and ESG matters, contact Meghan MacEachern, VP of External Communications & ESG, at meghan.maceachern@mattr.com or visit the company's website.

How can shareholders participate in the Q1 2024 earnings call webcast?

Shareholders can access the Q1 2024 earnings call webcast via MATTR's website for more detailed business updates.

MATTR CORP

OTC:MTTRF

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MTTRF Stock Data

629.57M
64.01M
0.56%
48.87%
Oil & Gas Equipment & Services
Energy
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United States of America
Toronto