NN sells non-core plastics plant for ~$16M, updates 2024 outlook

NN INC

Definitive agreement to sell Industrial Molding Corp. plant to Davalor Mold Company (Blackford Capital) for ~$16M net cash.
Proceeds will be used to pay down debt as part of balance sheet improvement plan.
FY2024 revenue guidance revised to $465M–$485M; adjusted EBITDA $47M–$51M.
Updated free cash flow guidance $8M–$12M; new business wins $55M–$70M.
Sale has no impact on NN’s remaining core businesses in auto, electrical, industrial, and medical.

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