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If $M$ and $N$ are closed and $M\times S^1$ is diffeomorphic to $N\times S^1$, is it true that $M$ and $N$ are diffeomorphic?

If $M$ and $N$ are closed smooth manifolds, and $M\times S^1$ is diffeomorphic to $N\times S^1$, is it true that $M$ and $N$ are diffeomorphic?