JOHNSON CITY, Tenn.,
Jan. 2, 2018 /PRNewswire/ -- NN, Inc.
(NASDAQ: NNBR), a diversified industrial company, today announced
plans to implement a new enterprise and management structure
designed to accelerate growth and further balance its portfolio by
aligning NN's strategic assets and businesses.
Under the new structure, NN's businesses will be organized into
three divisions based principally on the end markets they
serve. NN's divisions will be known as Mobile Solutions, Power
Solutions and Life Sciences. Robbie
Atkinson, current Vice President of Strategy and Investor
Relations will lead the new Life Sciences group as Executive Vice
President. The Life Sciences group will be focused on growth
in the medical end market. Chris
Qualters, current Vice President, Chief Commercial Officer
will lead the new Power Solutions group as Executive Vice
President. The Power Solutions group will be focused on growth in
the electrical and aerospace end markets. Warren Veltman who currently serves as Senior
Vice President of NN's Autocam Precision Components Group, will
lead the new Mobile Solutions group as Executive Vice President.
Mobile Solutions will be focused on growth in the industrial and
automotive end markets. All business divisions will report to
Richard Holder, President and CEO of
NN. NN will begin financial reporting under the new structure with
the first quarter 2018 results.
"Over the past few years we have strategically laid the
groundwork toward building a diversified industrial business with a
more balanced portfolio," said Richard
Holder, President and CEO of NN. "The core foundation is now
in place, and this new organizational and management structure will
support our continuing efforts to capitalize on growth
opportunities by leveraging technology across the organization and
expanding further into markets that we believe have strong growth
profiles. The changes today, along with the relocation of our
global headquarters to Charlotte, North
Carolina, represent another significant step in our
evolution."
As part of the new enterprise structure, John Manzi, Senior Vice President and General
Manager, Precision Engineered Products Group, has announced his
decision to leave the company in January to pursue new
opportunities."
Mr. Holder added, "I would like to congratulate Robbie and Chris
on their new roles. We are fortunate to have built a deep bench of
talent across the organization, and I am confident that together
with Warren they will collectively build upon the strong foundation
we have created and drive growth into the future. I would like to
thank John for his leadership, and we all wish him well in his next
endeavor."
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. NN has 36 manufacturing facilities 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 and completed
transactions 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 or
the possibility that the Company will be unable to execute on the
intended redeployment of proceeds from a divestiture, whether due
to a lack of favorable investment opportunities or
otherwise.
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, 2016. 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.