JOHNSON CITY, Tenn.,
May 15, 2014 /PRNewswire/ -- NN, Inc.
(NASDAQ: NNBR) today announced that William
Dries has been appointed to the Company's Board of
Directors. Mr. Dries replaces Richard
Fanelli who has retired from the Board of Directors after
eight years of service.
Most recently, and prior to his retirement in 2011, Mr. Dries
served as Senior Vice President and Chief Financial Officer at
EnPro Industries, Inc., a NYSE listed, engineered industrial
products manufacturer. Previous to joining EnPro he was Senior Vice
President and Chief Financial Officer at United Dominion
Industries, a machine and instrument manufacturer, which was
acquired by SPX Industries in 2001. Earlier in his tenure at United
he served as Manager of Accounting and Senior Vice President of
Finance and Controller. Prior to joining United Dominion, Mr. Dries
was an audit principal at Ernst & Young in New York for 11 years. He holds an MBA
from Rutgers University.
Ron Morris, Chairman of the Board
said, "On behalf of the Board of Directors, I am very pleased to
welcome Bill to the Board. His significant knowledge of
industrial companies as well as his strong financial background
will be of great benefit to the Board and NN as the Company
continues to implement its strategic growth priorities. We
are grateful to Dick for his valuable perspective and leadership
while serving on the Board. We wish him and his family the
best."
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, Mexico 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.