JOHNSON CITY, Tenn.,
Oct. 29, 2015 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR) a
diversified industrial company, today announced that it is
expanding its North American manufacturing footprint by opening a
new precision ball plant in Ciudad
Juarez in the Mexican state of
Chihuahua in response to increasing demand and growth in
auto manufacturing in Mexico. The plant, which has been under
construction since June of this year, is expected to commence
production in November, 2015. The plant will be co-located
with NN's existing precision metal components plant in Juarez and will share management, supply
chain, and administrative services.
Rich Holder, NN's President and
CEO commented, "I am pleased to announce NN's expansion in
Mexico, which is a growing market
for automotive and industrial manufacturing. This new
plant will serve existing and new customers and represents
incremental demand created with the expansion of the Mexican
automotive market. The rapid construction of this new plant
was made possible by NN's existing presence in Mexico and showcases our ability to leverage
our assets across multiple platforms. The plant
will implement the next generation NN operating system complete
with advanced 'in house developed' manufacturing technology from
the NN R&D centers in the U.S. and Italy."
The plant will operate under the IMMEX Program (formerly the
Maquiladora Program).
The plant is expected to have capacity to produce nearly 200
million tight-tolerance, high precision steel balls within 2016,
with additional room to expand in the future. Production will
ramp through 2016 as production validation continues.
NN, Inc., a diversified industrial company, manufactures 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 43
manufacturing plants in North
America, Western Europe,
Eastern Europe, South America and China.
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, 2014. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nn-inc-announces-opening-of-new-plant-in-mexico-300168703.html
SOURCE NN, Inc.