Whilst the sale of business divisions or non-core assets can be critical for survival or to de-lever in uncertain times, a variety of defensive and offensive M&A strategies should be considered as part of any restart strategy.  Any strategy pursued should be preceded by a portfolio review to ensure scarce resources, both capital and management bandwidth, are focused on the priority areas, strength and surety of the supply chain as well as consideration given to strategic acquisitions, competitors that may have been weakened, which may be available at favorable prices.  See our thoughts on M&A strategies in the attached article.