Lydall, Inc. (NYSE: LDL) announced a significant expansion of its Rochester, New Hampshire production facility on July 24, 2020. This expansion includes the establishment of a Filtration Center of Excellence, which will enhance the company's capacity to produce fine fiber meltblown filtration media for N95 respirators and masks. The production lines are projected to enable the company to manufacture 1.7 billion N95 masks annually. The project is supported by a $13.5 million federal commitment aimed at addressing the urgent demand for personal protective equipment and improving air quality.
LYDALL, INC. (NYSE: LDL) reported Q2 2020 results, revealing a 33.8% decline in net sales to $146.2 million.
Operating loss was ($1.7 million), down from $13.2 million income year-over-year. However, cash flow from operations improved to $40.4 million, alongside a cash balance of $92.5 million at quarter-end.
Performance Materials segment showed a 20% increase in filtration sales. The company anticipates continued strong demand for filtration products amidst ongoing market challenges.
Lydall has announced a $13.5 million contract with the U.S. Department of Defense to fund the installation of two new meltblown production lines in Rochester, New Hampshire. This investment aims to increase domestic production of filtration media vital for N95 respirators and surgical masks. By May 2021, Lydall will support the production of 140 million N95 respirators and 540 million surgical masks monthly. This will make Lydall the largest U.S. site for meltblown filtration media, enhancing its ability to address both COVID-19 and future air quality concerns.
Lydall, Inc. (NYSE: LDL) announced a significant investment in a fine fiber meltblown asset to meet the soaring demand for specialty filtration media for face masks. This new production line aims to supply filtration media for one billion face masks annually, addressing the current global shortage. Expected to start production in Q4 2020 at its Rochester, New Hampshire facility, Lydall will hire up to 15 new employees. The company is a key supplier of filtration media for N95 and surgical masks, operating at full capacity to support frontline workers during the COVID-19 pandemic.
Lydall, Inc. (NYSE: LDL) reported Q1 2020 financial results showing net sales of $200.5 million, down 8% year-over-year. The operating loss was $55.6 million due to $61.1 million in goodwill impairment charges, resulting in a loss per share of $3.25. However, cash flow from operations improved to $26.7 million, with a cash balance of $87.8 million. Strategic responses to COVID-19 included producing filtration products for PPE and reducing costs. Despite challenges, the company secured a long-term agreement with Honeywell for filtration media, indicating future growth prospects.