JOHNSON CITY, Tenn.,
July 15, 2014 /PRNewswire/
-- NN, Inc. (Nasdaq: NNBR) today announced that it has
acquired the assets of Chelsea Grinding Company. Chelsea is a manufacturer of cylindrical
rollers used primarily in the hydraulic pump industry.
Financial terms of the deal were not disclosed.
Chelsea, a privately-held
company located in Jackson,
Michigan, had sales of approximately $2.3 million in 2013. Its products are used
mainly in roller vane pumps for the hydraulic pump market as well
as torsion bars in the automotive market. NN will roll up
Chelsea's operations under its NN
Metal Bearing Components Group.
"With the addition of Chelsea
to the NN family, we are continuing to execute on our strategic
growth plan," commented Richard
Holder, President and Chief Executive Officer of NN,
Inc. "The acquisition of Chelsea is complementary to our product
portfolio and customer base and is expected to be immediately
accretive. We expect to announce additional transactions in
the second half of this year as we are actively engaged in
discussions with other acquisition targets."
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 13 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN, Inc. had
sales of US $373 million in 2013.
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, and the successful implementation of the global growth
plan including development of new products. Similarly,
statements made herein and elsewhere regarding pending or completed
acquisitions are also forward-looking statements, including
statements relating to the anticipated closing date of an
acquisition, the Company's ability to obtain required regulatory
approvals or satisfy closing conditions, the costs of an
acquisition and the Company's source(s) of financing, the future
performance and prospects of an acquired business, the expected
benefits of an acquisition on the Company's future business and
operations and the ability of the Company to successfully integrate
recently acquired businesses.
For additional information concerning such risk factors and
cautionary statements, please see the section titled "Risk Factors"
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, 2013. Except as required by
law, we undertake no obligation to update or revise any
forward-looking statements we make in our press releases, whether
as a result of new information, future events or otherwise.
SOURCE NN, Inc.