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.
AT THE COMPANY: Robbie Atkinson, VP, Strategy & Investor Relations, (423) 434-8398 | AT ABERNATHY MACGREGOR: Claire Walsh, General info, (212) 371-5999
