NN, Inc. Announces $10M New Business Win in Automotive Electrical Wiring
December 19 2023 - 4:01PM
NN, Inc. (NASDAQ: NNBR), a global diversified industrial
company that manufactures high-precision components and assemblies,
today announced a foundational new business win worth more than $10
million with one of the world’s largest connector and wire harness
manufacturers for commercial and passenger vehicles.
The win underscores NN’s strength and expertise in the
automotive electrical market for both internal combustion engine
(ICE) and electrical vehicles (EV). The company continues to gain
traction with new business wins in key markets, resulting from
stronger integration of global sales and operations teams, as well
as renewed focus on operational efficiencies.
“This is a big strategic win for NN and consistent with revised
forward strategy of aggressive growth in connectors and electrical
systems for vehicles. Low voltage and high voltage connectors and
shielding are integral parts of the vehicle electrical system. We
call it ‘connect and protect’. True to our heritage, we are
vertically integrated with laser cutting, precision stamping and
metrology equipment. Combined with our low-cost sourcing
headquartered in China, we have the footprint and cost structure to
become a market leader,” said Harold Bevis, NN’s Chief Executive
Officer. “Our new product-application based strategy is rooted in
our strengths and leveraging new areas, including medical and
electrical applications.”
The connector components and connector shielding that NN will
produce for this project and other recent wins in 2023 are bound
for approximately 20 different electric and hybrid vehicles. This
win is an immediate ramp up, with production beginning in 2024, and
is additive to the company’s revenue and profit profile.
“Since I joined NN earlier this year, we have strong
momentum in medical components, electrical connectors and
shielding. Our connector and shielding team is composed of industry
experts. We have the capabilities, supply chain, product quality
and on-time delivery that puts us in a good position to grow sales
in this marketplace,” said Bevis. “The outlook for growth in
connector and shielding components for both North America and
globally is approaching more than $1 billion over the next five
years. It is a big opportunity for us.”
About NN, Inc.NN, Inc., a global 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 Charlotte,
North Carolina, NN has facilities in North America, Europe, South
America, and Asia. For more information about the company and its
products, please visit www.nninc.com.
FORWARD-LOOKING STATEMENTSExcept 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
statements may discuss goals, intentions and expectations as to
future trends, plans, events, results of operations or financial
condition, or state other information relating to NN,
Inc. based on current beliefs of management as well as
assumptions made by, and information currently available to,
management. Forward-looking statements generally will be
accompanied by words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,”
“possible,” “potential,” “predict,” “project” or other similar
words, phrases or expressions. Forward-looking statements involve a
number of risks and uncertainties that are outside of management’s
control and that may cause actual results to be materially
different from such forward-looking statements. Such factors
include, among others, general economic conditions and economic
conditions in the industrial sector; the impacts of pandemics,
epidemics, disease outbreaks and other public health crises,
including the COVID-19 pandemic, on our financial condition,
business operations and liquidity; competitive influences; risks
that current customers will commence or increase captive
production; risks of capacity underutilization; quality issues;
material changes in the costs and availability of raw materials;
economic, social, political and geopolitical instability, currency
fluctuation, and other risks of doing business outside of the
United States; inflationary pressures and changes in the cost or
availability of materials, supply chain shortages and disruptions,
and the availability of labor; our dependence on certain major
customers, some of whom are not parties to long-term agreements
(and/or are terminable on short notice); the impact of acquisitions
and divestitures; our ability to hire or retain key personnel; the
level of our indebtedness; the restrictions contained in our debt
agreements; our ability to obtain financing at favorable rates, if
at all, and to refinance existing debt as it matures; unanticipated
difficulties integrating acquisitions; new laws and governmental
regulations; the impact of climate change on our operations; and
cyber liability or potential liability for breaches of our or our
service providers’ information technology systems or business
operations disruptions. The foregoing factors should not be
construed as exhaustive and should be read in conjunction with the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” included
in the Company’s filings made with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the
date of this press release, and the Company undertakes no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law. New risks and
uncertainties may emerge from time to time, and it is not possible
for the Company to predict their occurrence or how they will affect
the Company. The Company qualifies all forward-looking statements
by these cautionary statements.
Contact:
Tim
PetersMedia Contact+1 773 318 7558tim.peters@alphaadvgroup.com
Joseph Caminiti, CFAInvestor Relations
Contactjoseph.caminiti@alpha-ir.com+1 312 445 2864
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