JOHNSON CITY, Tenn., Feb. 4, 2014 /PRNewswire/ -- NN, Inc. (Nasdaq: NNBR) today announced that it has completed the acquisition of the assets of V-S Industries. V-S Industries is a privately held manufacturer of precision metal components with operations in Wheeling, Illinois and Juarez, Mexico. The acquisition of V-S will provide NN with a complementary, but broader product offering and will allow penetration into adjacent markets. Financial terms of the deal were not disclosed.
V-S Industries was founded in 1944 and had sales of approximately $16.0 million in 2013. V-S Industries products serve a variety of industries including electric motors, HVAC, power tools, automotive and medical. NN, Inc. will continue operations at the existing facilities in Illinois and Mexico and will roll up the operations under its NN Precision Metals Components Group.
Rich Holder, President and Chief Executive Officer of NN, Inc. commented, "Our acquisition of V-S Industries is the first of numerous transactions we are executing as a key component of our new strategic plan. The V-S portfolio is complementary to the products we currently manufacture in our Precision Metals Component Group and provides us entry into adjacent markets and increases our global manufacturing footprint while allowing us to better serve both existing and new customers. We are actively engaged in other discussions and expect to announce additional transactions in the near future."
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 $370 million in 2012.
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, 2012.
SOURCE NN, Inc.
AT THE COMPANY: Will Kelly, Vice President and Chief Administrative Officer, (423) 743-9151; AT FINANCIAL RELATIONS BOARD: Marilynn Meek (General info), 212-827-3773