Neenah To Invest $13 Mln In Liner Coating Capacity, Cease Operations At Wisconsin Facility

(RTTNews) - Neenah Inc. (NP) said that it will invest $13 million in new release liner coating capacity in support of its growing specialty coatings business and the recent ITASA acquisition. The release liner coating capacity is planned to come on-line in mid-2023.

The company will restart an idled Fine Paper & Packaging asset in support of its premium packaging business. It is expected to be restarted in the fourth quarter of 2021.

The company will cease operations at its Appleton, Wisconsin facility. Annual revenues are estimated to decrease by $20 million to $25 million from the closure. The facility is expected to be closed by the end of the third quarter of 2021.

The company noted that the actions will drive accretive value and accelerate efforts toward long-term revenue growth goal of 5% annually with strong, consistent margins.