NN, Inc. To Sell Life Sciences Unit For $825 Mln - Quick Facts

(RTTNews) - NN, Inc. (NNBR) entered an agreement under which the company's Life Sciences unit will be purchased by affiliates of American Securities LLC. The Life Sciences division will be purchased for $825 million, including $755 million in cash payable at closing of the transaction and an additional $70 million earnout payable in cash based on the 2022 performance of the Life Sciences division. The sale follows a comprehensive review of NN's businesses initiated by the company in November 2019.

NN expects to use the estimated $700 million in net proceeds from the sale to further pay down its debt and strengthen its balance sheet.