05:54 AM EDT, 07/03/2024 (MT Newswires) -- NN Inc. ( NNBR ) said late Tuesday it has agreed to sell its sole plastics products factory, Industrial Molding, to Davalor Mold, a portfolio company of Blackford Capital, for net cash proceeds of about $16 million.

The company described the sale as part of an effort to focus on its core business of providing highly specialized manufacturing services.

NN Chief Executive Harold Bevis said in a statement that the net proceeds will be used to pay down debt and advance the company's balance sheet initiatives.

As a result of the divestment, the company revised its 2024 revenue guidance to now be between $465 million and $485 million, down from the prior range of $485 million to $505 million. Four analysts polled by Capital IQ expect full-year revenue of $494.9 million.

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