JOHNSON CITY, Tenn.,
Oct. 21, 2015 /PRNewswire/
-- NN, Inc., (NASDAQ: NNBR) a diversified industrial company,
today announced that John C. Kennedy
has resigned from the Company's Board of Directors to focus on his
growing medical company in Michigan. Mr. Kennedy has served
as a member of NN's Board of Directors since September 2014.
Prior to serving as a director at NN, Mr. Kennedy was the founder
and Chief Executive Officer at Autocam Corporation.
Mr. Kennedy commented, "I have enjoyed my term as a NN board
member; however, with the recent acquisition of Precision
Engineered Products and the competitive dynamics of owning a
growing medical company, I believe the time is right to step
away. Therefore, it is with regret that I have decided to
resign from the NN Board of Directors. I look forward to
following NN's success into the future."
Richard Holder, President and CEO
commented, "John has made significant contributions to NN and to
the Board of Directors over the past year. His knowledge and
expertise were extraordinarily helpful during the Autocam
integration. I am joined by the other directors in wishing
him well as he focuses his energies on his growing company."
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 and the risk factors included
in Exhibit 99.1 to NN's Current Report on Form 8-K filed on
September 22, 2015. 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.
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SOURCE NN, Inc.