Lydall Jumps On Report It Is Exploring Sale

© Reuters.

By Dhirendra Tripathi – Lydall (NYSE:) shares rose more than 6% Tuesday on a StreetInsider report that said the company is exploring a potential sale.

Lydall is said to have hired an investment bank and has received at least two bids, according to the StreetInsider report. The strategic review may not lead to a sale, it said.

The Manchester, Connecticut-headquartered company had authorized a $30 million share repurchase program in April.

Lydall makes specialty engineered products for the thermal/acoustical and filtration/separation markets.

For the first quarter ended March 31, Lydall reported net sales of $227.1 million, up 13.3% from the prior year on strong demand across performance materials, technical nonwovens and thermal acoustical solutions.

There was robust demand in key end markets like construction, agriculture and transportation.

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