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Neenah, Inc. (NYSE: NP) has launched an ultra-lightweight medical packaging solution that presents a cost-effective alternative to traditional kraft and synthetic options. This new 72 gsm product enhances the company’s existing range, which includes 85 gsm and 112 gsm grades. The packaging is crafted from FSC-controlled fibers and adheres to regulatory sterilization standards. As single-use medical devices become more prevalent for their efficiency and infection control, this innovation positions Neenah to better serve its global supply chain partners and respond to the growing wound care market.
Neenah, Inc. (NYSE:NP) reported first quarter 2021 net sales of $227 million, a 10% increase from Q4 2020, driven by Technical Products. However, sales declined 3% year-over-year due to a 19% drop in Fine Paper and Packaging. Operating income fell to $13.6 million from $23.6 million a year ago, primarily impacted by acquisition costs related to ITASA. Adjusted EPS decreased to $1.04 from $1.12. Cash generated from operations rose to $20.7 million, with liquidity strengthening to $197 million. The company also refined its Term Loan B, reducing interest rates by 150 basis points.
Neenah, Inc. (NYSE:NP) declared a quarterly cash dividend of $0.47 per share on common stock, payable on June 2, 2021, to shareholders of record as of May 14, 2021. Additionally, the Company's 2021 Annual Meeting will be held virtually on May 20, 2021. Stockholders of record as of March 26, 2021 can attend via live webcast. They are encouraged to vote in advance using methods described in the proxy materials.
Neenah, Inc. (NYSE: NP) will release its first quarter financial results on May 5, 2021, after market close. A conference call to discuss these results is scheduled for May 6, 2021, at 11:00 AM EDT. Interested parties can listen to the call live via the company's website. A recorded archive of the webcast will be accessible on Neenah’s site and a replay will be available until May 13, 2021. Neenah is a global manufacturer focusing on specialty materials across various industries.
Neenah, Inc. (NYSE: NP) has finalized its acquisition of Global Release Liners, S.L., including the parent company of ITASA, for approximately €205 million. The transaction was funded through cash reserves and an increase in Term Loan B from $200 million to $450 million, with current interest rates at 3.5%. Post-acquisition, Neenah is projected to maintain a healthy liquidity position with a debt to EBITDA ratio of about three times. This acquisition aligns with Neenah's focus on growth in specialty materials across various sectors.
Neenah, Inc. (NYSE: NP) has signed a definitive agreement to acquire Global Release Liners, S.L. (parent of ITASA) for €205 million. The transaction is expected to close in early April, pending customary conditions. ITASA, a leader in release liners, generated COVID-impacted sales of $120 million in 2020, with projected sales of $140 million for 2021. Neenah anticipates up to $4 million in annual synergies. Financing will involve increasing Neenah’s Term Loan B from $200 million to $450 million, maintaining a strong liquidity position.
Neenah, Inc. (NYSE:NP) reported its 2020 fourth quarter results, showing consolidated revenues of $206.9 million, an 8% increase from Q3 but down 3% year-over-year. Technical Products revenues reached $137.1 million, a 11% increase, while Fine Paper & Packaging revenues fell 23% to $69.8 million. For 2020, total revenues were $792.6 million, down 16% from 2019. The company recorded a loss per diluted share of ($0.96), compared to earnings of $3.26 in 2019. Despite challenges, the company maintained a strong liquidity position with $176 million available and increased dividends.
Neenah, Inc. (NYSE:NP) has declared a quarterly cash dividend of $0.47 per share, scheduled for payment on March 2, 2021. Shareholders on record as of February 12, 2021 will be eligible to receive this dividend. Neenah is known for its specialty materials, focusing on premium markets that value performance and aesthetics. Its product range includes advanced filtration media and premium printing papers, with global operations based in the U.S., Europe, and the U.K.
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