JOHNSON CITY, Tenn., July 7, 2014 /PRNewswire/ -- NN, Inc. (Nasdaq: NNBR) today announced that it has purchased the SunTrust Bank Building in Johnson City, TN and expects to move its corporate headquarters to this facility in the near future. The approximate 60,000 square foot facility provides a new base of operations for NN's current corporate staff and its additional space will accommodate the Company's expected future growth.
Richard Holder, President and Chief Executive Officer of NN, Inc. commented, "When searching for a new location for our headquarters, we considered two options: to remain in the Johnson City area, our company's historic home and a natural location for our talented team of current personnel, or to move to a larger metropolitan area. After weighing these options, we chose Johnson City. Our most valuable asset is our employees and we are committed to providing a work environment in which they can meet their work commitments and advance their careers while finding an ideal life balance. We believe that Johnson City and the surrounding areas offer a unique blend of amenities and an exceptional quality of life for our current workforce and is a community that future employees will also find very appealing."
Mr. Holder continued, "We were able to make this determination with the cooperation of the Tennessee Department of Economic and Community Development, the city of Johnson City, Washington County, Tennessee and the Tennessee Valley Authority. We are grateful for the continued support and partnership of Johnson City and the State of Tennessee."
To secure the project, the Tennessee Department of Economic and Community Development offered NN a very competitive incentive package that includes a $2.0 million Economic Development Fund Grant based on the significant impact that NN Inc.'s investment will have on Washington County. The Washington County Economic Development Council has additionally offered $0.8 million in property tax credits over 10 years and the TVA has offered incentive programs totaling $0.4 million. These programs are based on NN creating a certain number of jobs in Johnson City.
Ralph Van Brocklin, Johnson City Mayor commented, "I want to thank NN for choosing to invest in Johnson City and creating these high quality jobs, Our economic development team works hard to create the kind of environment where a business can thrive and continue to grow."
Dan Eldridge, Washington County Mayor stated, "We are delighted that NN has continued to locate their corporate offices in Washington County. NN is one of our most important corporate citizens and our relationship with them has been outstanding. We congratulate them on their success and thank them for their ongoing investment and confidence in the business environment and workforce of Washington County."
Lottie Ryans, Washington County Economic Development Council commented, "We are pleased with NN's decision to combine their corporate functions into a single location here in Johnson City. NN's decision to create 200 high-quality jobs in our community is a testament to the quality of our workforce. We appreciate NN's continued investment in Johnson City and Washington County."
John Bradley, Tennessee Valley Authority Senior Vice President of Economic Development stated, "TVA congratulates NN, Inc. on the announcement to locate its corporate headquarters in Johnson City. TVA and the Johnson City Power Board are pleased to partner with the state of Tennessee, Johnson City and Washington County officials to assist companies like NN to locate and add jobs in the community."
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 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.
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