UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest
event reported): November 26, 2008
NN,
INC.
(Exact name of registrant as specified in its
charter)
| Delaware | 0-23486 | 62-1096725 |
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
2000 Waters Edge Drive
Johnson City, Tennessee
|
37604 | |
|
(Address of
principal executive offices)
|
(Zip
Code)
|
Registrant's telephone number, including area
code: (423)743-9151
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the obligation of the
registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17CFT
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17CFT 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFT
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13c-4(c) under the Exchange Act (17CFT
240.13c-4(c))
ITEM 2.05 COSTS ASSOCIATED WITH
EXIT OR DISPOSAL ACTIVITIES.
NN,
Inc. today announces the closing of its Kilkenny, Ireland operations.
Production will cease by early February 2009 with an orderly closure scheduled
for June 2009. The closing will impact approximately 70 employees.
We expect to incur cash and non-cash charges of $3.9 million (€3.0 million) and
$1.7 million (€1.3 million)
respectively in severance, equipment relocation and other closing costs mainly
in the fourth quarter of 2008.
Exhibit:
Exhibit
Number Description of Exhibit
99.1
Press Release of NN, Inc. dated November 26, 2008.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
| NN, INC. | |||
|
Date: November
26, 2008
|
By:
|
/s/ William C. Kelly, Jr. | |
| Name : William C. Kelly, Jr. | |||
| Title : Vice President and Chief Administrative Officer | |||
EXHIBIT
99.1
F I N A
N C I A L
RELATIONS
BOARD
RE: NN,
Inc.
2000
Waters Edge Drive
Johnson
City, TN 37604
FOR
FURTHER INFORMATION:
|
AT THE
COMPANY
|
AT
FINANCIAL RELATIONS BOARD
|
|
| Will Kelly | Marilynn Meek | Susan Garland |
| Vice President and Chief Administrative Officer | (General info) | (Analyst info) |
| (423) 743-9151 | 212-827-3773 | 212-827-3775 |
FOR
IMMEDIATE RELEASE
November
26, 2008
NN,
INC. RATIONALIZES EUROPEAN PRODUCTION CAPACITY; ANNOUNCES THE CLOSING OF ITS
KILKENNY IRELAND OPERATIONS
Johnson City, Tenn., November 26,
2008 – NN, Inc. (Nasdaq: NNBR) today announced it will close its
manufacturing facility located in Kilkenny Ireland as part of its long term
strategy to rationalize its European operations. Production will
cease by early February 2009 with an orderly closure scheduled for June
2009. The closing will impact approximately 70
employees. The facility produces precision steel balls used in a
variety of bearing applications for various end markets.
Mr.
Roderick R. Baty, Chairman and Chief Executive Officer, commented, “The closing
of the Kilkenny, Ireland plant is a difficult but necessary decision. The
rationalization of our European production is a necessary action to adjust our
global manufacturing capacity to current and long term market requirements. This
action will in no way affect our ability to provide product to our customers
that are currently served from Kilkenny. The current production at Kilkenny will
be merged into our other European facilities. We expect to incur cash and
non-cash charges of $3.9 million (€3.0 million) and $1.7 million (€1.3 million)
respectively in severance, equipment relocation and other closing costs mainly
in the fourth quarter of 2008.”
Mr.
Nicola Trombetti, Vice-President, NN Inc and Managing Director, NN Europe said,
“We deeply regret having to make this decision and fully appreciate the impact
this move has on all of our outstanding employees in Ireland as well as on their
families and the wider community of Kilkenny. The move to close the Kilkenny
plant in no way reflects on the quality of the work that has been performed
there by a very committed and dedicated workforce over the past 11
years. While the majority of the staff will leave when production
ceases early next year, a small number will remain in place and work through to
June 2009 to ensure an orderly closure.”
Mr.
Trombetti concluded, “Indeed, I want to thank and pay tribute to the employees
in Kilkenny for their outstanding work as well as to acknowledge the flexibility
and cooperation received during recent periods of short-time working as we
sought along with the local management team to keep the business
viable.”
Mr.
John Crowley, Managing Director, NN-Euroball Ireland Ltd added, “We are
committed to funding a financial package for those employees affected by the
closure and providing resources for financial and pension advice as
well as working with various State agencies to ensure that our employees stand
the best prospect of securing alternative employment. In addition, we
will support any initiatives to find an alternative business to operate from the
facility we will vacate in the IDA Industrial Park here at Purcellsinch in
Kilkenny.”
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 14 manufacturing plants in the United States, Western Europe,
Eastern Europe and China. NN, Inc. had sales of US $421 million in
2007.
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 10-K for the fiscal year ended December 31, 2007.
###