JOHNSON CITY, Tenn.,
July 7, 2014 /PRNewswire/ -- NN,
Inc. (Nasdaq: NNBR) today announced that it has purchased the
SunTrust Bank Building in Johnson City,
TN and expects to move its corporate headquarters to this
facility in the near future. The approximate 60,000 square
foot facility provides a new base of operations for NN's current
corporate staff and its additional space will accommodate the
Company's expected future growth.
Richard Holder, President and
Chief Executive Officer of NN, Inc. commented, "When searching for
a new location for our headquarters, we considered two options: to
remain in the Johnson City area,
our company's historic home and a natural location for our talented
team of current personnel, or to move to a larger metropolitan
area. After weighing these options, we chose Johnson
City. Our most valuable asset is our employees and we are
committed to providing a work environment in which they can meet
their work commitments and advance their careers while finding an
ideal life balance. We believe that Johnson City and the surrounding areas offer a
unique blend of amenities and an exceptional quality of life for
our current workforce and is a community that future employees will
also find very appealing."
Mr. Holder continued, "We were able to make this determination
with the cooperation of the Tennessee Department of Economic and
Community Development, the city of Johnson City, Washington County, Tennessee and the Tennessee
Valley Authority. We are grateful for the continued support
and partnership of Johnson City
and the State of Tennessee."
To secure the project, the Tennessee Department of Economic and
Community Development offered NN a very competitive incentive
package that includes a $2.0 million
Economic Development Fund Grant based on the significant impact
that NN Inc.'s investment will have on Washington County. The
Washington County Economic Development Council has additionally
offered $0.8 million in property tax
credits over 10 years and the TVA has offered incentive programs
totaling $0.4 million.
These programs are based on NN creating a certain number of jobs in
Johnson City.
Ralph Van Brocklin, Johnson City Mayor commented, "I want to thank
NN for choosing to invest in Johnson
City and creating these high quality jobs, Our
economic development team works hard to create the kind of
environment where a business can thrive and continue to grow."
Dan Eldridge, Washington County Mayor stated, "We are
delighted that NN has continued to locate their corporate offices
in Washington County. NN is one of our most important
corporate citizens and our relationship with them has been
outstanding. We congratulate them on their success and thank
them for their ongoing investment and confidence in the business
environment and workforce of Washington
County."
Lottie Ryans, Washington County
Economic Development Council commented, "We are pleased with NN's
decision to combine their corporate functions into a single
location here in Johnson City. NN's decision to create 200
high-quality jobs in our community is a testament to the quality of
our workforce. We appreciate NN's continued investment in
Johnson City and Washington County."
John Bradley, Tennessee Valley
Authority Senior Vice President of Economic Development stated,
"TVA congratulates NN, Inc. on the announcement to locate its
corporate headquarters in Johnson City. TVA and the Johnson
City Power Board are pleased to partner with the state of
Tennessee, Johnson City and Washington County officials to assist
companies like NN to locate and add jobs in the community."
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.