JOHNSON CITY, Tenn.,
Dec. 12, 2016 /PRNewswire/
-- NN, Inc., (NASDAQ: NNBR) a diversified industrial company,
today announced that G. Ronald
Morris will retire from the company's Board of Directors and
as Chairman as of the Annual Meeting to be held in May 2017.
Mr. Morris, who joined the board in 1994 has served on a variety of
committees and currently serves on the Audit and Governance
committees. The Board will conduct a search to fill the vacancy
created by Mr. Morris' retirement.
Ronald Morris, Chairman of the
Board commented, "Over the past 22 years I have had the distinct
honor to serve on the board of NN. I am very proud of our
team's accomplishments in growing our business as we have continued
to execute on our strategic plan to create a diversified portfolio
that delivers consistent results for our shareholders. I wish
the entire NN team continued success as the company continues to
evolve and execute on its plan."
Richard Holder, President and CEO
commented, "On behalf of the Board and everyone at NN, I would like
to thank Ron not only for his leadership over the last three years
as Chairman, but also for the dedication and commitment that he has
given to NN since the company went public 22 years ago. His
insights and wisdom around our strategy and the end markets we
serve will certainly be missed."
NN, Inc., a diversified industrial company combines advanced
engineering and production capabilities with in-depth materials
science expertise to design and manufacture high-precision
components and assemblies for a variety of markets on a global
basis. Headquartered in Johnson
City, Tennessee, NN has 40 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 completed acquisitions are also
forward-looking statements, including statements relating to 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, 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.