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LDL

Lydall

$40.65

0.1 (0.25%)

05:08
08/10/18
08/10
05:08
08/10/18
05:08

Lydall to acquire Interface Performance Materials for $265M in cash

Lydall announced it has entered into an agreement to acquire Interface Performance Materials for $265M in cash. The transaction will further advance Lydall's engineered materials offering in new markets with similar technologies utilized in our Performance Materials business. Interface is a leading globally-recognized brand that delivers complete sealing solutions with a comprehensive product portfolio, deep in-house technical capabilities and vertical integration. The transaction is expected to close in Q3, subject to the completion of specified closing conditions, including receipt of customary merger control approval from U.S. authorities. Interface's reported sales and adjusted EBITDA for the fiscal year ended December 31, 2017 were $142 million and $26 million, respectively. The business is expected to achieve sales of approximately $150 million and adjusted EBITDA of approximately $29 million in the trailing 12 months ending August 31, 2018. Lydall expects to leverage its business efficiencies, operating discipline and economies of scale to generate an estimated annual cost savings of approximately $4 million by 2020. The acquisition is expected to be accretive to Lydall's earnings, net of the effects of purchase accounting approximately six months after closing. Lydall's financial results for the Second Quarter 2018 included approximately $1.1 million of expenses related to this transaction, and it is estimated that approximately $3 million of additional non-recurring transaction and integration expenses will be incurred over the second half of 2018 and approximately $1 million in 2019. The Interface business will become part of the Performance Materials operating segment with the expectation to complete integration within one year of closing. The transaction is expected to be financed predominantly from borrowings under the company's amended credit facility; the provisions of which are being finalized with our banking partners.

LDL Lydall
$40.65

0.1 (0.25%)

09/13/17
SIDC
09/13/17
UPGRADE
Target $62
SIDC
Buy
Lydall upgraded to Buy from Neutral at Sidoti
Sidoti analyst Edward Marshall upgraded Lydall to Buy and increased its price target to $62 from $54 on expectation the company's offerings will outpace the automotive peers due to market penetration and concentration in the fibers segment. Marshall believes risks of 2017 North American automotive weakness are reflected in shares and believes Lydall offers the best risk/reward in his universe of coverage.
09/13/17
09/13/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Micron (MU) upgraded to Buy from Neutral at Goldman Sachs with analyst Mark Delaney saying DRAM pricing could rise in the fourth quarter and the cycle could remain tight in 2018. 2. DowDuPont (DWDP) upgraded to Outperform from Market Perform at Cowen with analyst Charles Neivert saying he believes the Specialty Products and Materials Science realignment is a major step in upgrading the eventual spinco earnings. 3. Finish Line (FINL) upgraded to Positive from Neutral at Susquehanna with analyst Sam Poser saying he gives the company a 75% probability of being bought out, with a 25% chance the stock falls to $8 as a standalone entity. 4. Lydall (LDL) upgraded to Buy from Neutral at Sidoti with analyst Edward Marshall citing expectation the company's offerings will outpace the automotive peers due to market penetration and concentration in the fibers segment. 5. SQM (SQM) upgraded to Buy from Neutral at BofA/Merrill and to Hold from Underperform at Santander. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/26/18
ROTH
02/26/18
NO CHANGE
Target $56
ROTH
Buy
Lydall price target lowered to $56 from $63 at Roth Capital
Roth Capital analyst Matt Koranda lowered his price target for Lydall to $56 from $63 after a mixed Q4. The analyst reiterates a Buy rating on the shares.

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HSGX

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