Materion Corp. announced the planned sale of its Large Area Coatings business as part of a strategic focus to align its portfolio to drive sustainable profitable growth. The Mayfield Heights-based company has also initiated actions to close two facilities and consolidate the business within an existing facility to further drive down structural cost.

“With these strategic actions, we are continuing to advance our One Materion multi-pillar strategy to deliver long-term profitable growth,” Materion President and CEO Jugal Vijayvargiva said in a statement. “We are continuing to operate all of our manufacturing facilities in support of essential industries and are aggressively managing the cost structure to align with market demand. We have more than adequate liquidity to operate in this difficult environment.”

Materion through its wholly owned subsidiaries, supplies highly engineered advanced enabling materials to global markets.