JOHNSON CITY, Tenn.,
Feb. 4, 2014 /PRNewswire/ -- NN,
Inc. (Nasdaq: NNBR) today announced that it has completed the
acquisition of the assets of V-S Industries. V-S Industries
is a privately held manufacturer of precision metal components with
operations in Wheeling, Illinois
and Juarez, Mexico. The acquisition of V-S will provide NN
with a complementary, but broader product offering and will allow
penetration into adjacent markets. Financial terms of the
deal were not disclosed.
V-S Industries was founded in 1944 and had sales of
approximately $16.0 million in 2013.
V-S Industries products serve a variety of industries including
electric motors, HVAC, power tools, automotive and medical.
NN, Inc. will continue operations at the existing facilities
in Illinois and Mexico and will roll up the operations under
its NN Precision Metals Components Group.
Rich Holder, President and Chief
Executive Officer of NN, Inc. commented, "Our acquisition of V-S
Industries is the first of numerous transactions we are executing
as a key component of our new strategic plan. The V-S
portfolio is complementary to the products we currently manufacture
in our Precision Metals Component Group and provides us entry into
adjacent markets and increases our global manufacturing footprint
while allowing us to better serve both existing and new
customers. We are actively engaged in other discussions and
expect to announce additional transactions in the near future."
NN, Inc. manufacturers and supplies high precision metal bearing
components, industrial plastic and rubber products and precision
metal components to a variety of markets on a global basis.
Headquartered in Johnson City,
Tennessee, NN has 12 manufacturing plants in the United States, Western Europe, Eastern Europe, Mexico and China. NN, Inc. had sales of
US $370 million in 2012.
Except for specific historical information, many of the
matters discussed in this press release may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. These, and similar statements, are forward-looking
statements concerning matters that involve risks, uncertainties and
other factors which may cause the actual performance of NN, Inc.
and its subsidiaries to differ materially from those expressed or
implied by this discussion. All forward-looking information
is provided by the Company pursuant to the safe harbor established
under the Private Securities Litigation Reform Act of 1995 and
should be evaluated in the context of these factors.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "assumptions", "target",
"guidance", "outlook", "plans", "projection", "may", "will",
"would", "expect", "intend", "estimate", "anticipate", "believe",
"potential" or "continue" (or the negative or other derivatives of
each of these terms) or similar terminology. Factors which could
materially affect actual results include, but are not limited to:
general economic conditions and economic conditions in the
industrial sector, inventory levels, regulatory compliance costs
and the Company's ability to manage these costs, start-up costs for
new operations, debt reduction, competitive influences, risks that
current customers will commence or increase captive production,
risks of capacity underutilization, quality issues, availability
and price of raw materials, currency and other risks associated
with international trade, the Company's dependence on certain major
customers, the successful implementation of the global growth plan
including development of new products and consummation of potential
acquisitions and other risk factors and cautionary statements
listed from time to time in the Company's periodic reports filed
with the Securities and Exchange Commission, including, but not
limited to, the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2012.
SOURCE NN, Inc.