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): January 7, 2010
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
8.01 OTHER EVENTS
Published
as Exhibit 99.1 is NN Inc.'s press release dated January 7, 2010 announcing the
closure of its manufacturing facility in Tempe, Arizona.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS
The
following exhibit is furnished pursuant to Item 8.01, is not considered "filed"
under the Securities Exchange Act of 1934, as amended, and shall not be
incorporated by reference into any of the previous or future filings of NN, Inc.
under the Securities Act of 1933, as amended, or the Exchange Act.
Exhibit:
Exhibit
Number Description of Exhibit
99.1
Press Release of NN, Inc. dated January 7, 2010.
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.
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NN,
INC.
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|||
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Date: January
7, 2010
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By:
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/s/
William C. Kelly, Jr.
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|
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Name
: William C. Kelly, Jr.
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|||
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Title
: Vice President and Chief Administrative Officer
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|||
EXHIBIT
99.1
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 |
| Vice President and Chief Administrative Officer | (General info) |
| (423)743-9151 | (212)827-3773 |
FOR
IMMEDIATE RELEASE
January
7, 2010
NN,
INC. TO CLOSE TEMPE ARIZONA MANUFACTURING FACILITY; APPROXIMATELY 130 EMPLOYEES
IMPACTED
Johnson City, Tenn., January 7, 2010
– NN, Inc. (Nasdaq: NNBR) today announced it will close its manufacturing
facility located in Tempe, Arizona. The Tempe facility which was
acquired in the 2006 acquisition of Whirlaway Corporation had sales of
approximately $12.0 million for calendar year 2009. Whirlaway produces a variety
of high-precision metal components including fluid control components and
assemblies, shafts and other precision metal parts. The closing will impact
approximately 130 employees.
Roderick
R. Baty, Chairman and Chief Executive Officer of NN, commented, “We are saddened
to make this very difficult decision. However, current economic
conditions coupled with the long-term manufacturing strategy for our Whirlaway
business necessitate a consolidation of our manufacturing resources in Ohio. We
anticipate a portion of the current production and products will be consolidated
into our remaining two facilities in Wellington, Ohio. During this transition,
we will work closely with our customers to ensure continuity in the supply of
their products. We expect to incur cash charges of approximately $2.5 million in
severance, equipment relocation and other closing costs during the first three
quarters of 2010.”
Thomas G.
Zupan, President of Whirlaway, said, “We deeply regret having to make this
decision and acknowledge the impact this has on our outstanding employees in
Tempe. For a limited period, we will provide ongoing support in the form of
severance payments, continuation of benefits and assistance in outplacement
efforts. I would like to thank these employees for their commitment and service
to Whirlaway and NN and greatly appreciate their ongoing support during this
time of transition.”
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 $425 million in
2008.
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, 2008.
###