JOHNSON CITY, Tenn.,
June 25, 2014 /PRNewswire/
-- NN, Inc. (Nasdaq: NNBR) today announced that it has
acquired 79.2% of the outstanding shares of RFK Valjcici
Konjic. RFK is a manufacturer of tapered roller bearings with
operations in Konjic, Bosnia &
Herzegovina. Its products, while complementary to NN's
existing roller bearing products, will broaden the Company's
product offering and allow penetration into adjacent markets.
NN expects to acquire the remaining shares of RFK in the near
future. Financial terms of the deal were not disclosed.
RFK, a listed company on the Sarajevo Stock Exchange was founded
in 1984 and is expected to have sales of approximately $12.0 million in 2014. RFK currently
exports all of its products, predominately to customers serving the
European truck, industrial vehicle and railway markets. NN
will continue operations at the existing facilities in Bosnia and will roll up the operations under
its NN Metal Bearing Components Group.
Richard Holder, President and
Chief Executive Officer of NN, Inc. commented, "We are pleased with
the addition of RFK to the NN family. This acquisition along
with the announced acquisition of V-S Industries in February of
this year, are key first steps in the execution of our strategic
growth plan. The acquisition of RFK increases our global
manufacturing footprint in Eastern
Europe and will strengthen our current product offering to
our existing customer base while allowing us to further penetrate
the truck, industrial vehicle and railway markets. We remain
actively engaged in discussions with other acquisition targets and
expect to announce additional transactions in the near future."
Mr. Nermin Niksic, Prime Minister
of the Federation of Bosnia and
Herzegovina stated, "I am strongly convinced that this
acquisition would ensure a safe future for the employees and launch
positive signals attracting further investments into Bosnia and Herzegovina."
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 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, 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, 2013.
SOURCE NN, Inc.