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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 September 11, 2001
reported) ----------------------------------------
NN, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-23485 62-1096725
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2000 Waters Edge Drive, Johnson City, Tennessee 37604
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including (423) 743-9151
area code ------------------------------------
Not applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On September 11, 2001 the Company issued a press release announcing its
decision to close its plant located in Walterboro, South Carolina. A copy of
the press release is attached as Exhibit 99.1 hereto and incorporated herein
by reference.
Item 7. Financial Statements and Exhibits.
(c) EXHIBITS. The following exhibits are filed herewith:
99.1 Press release regarding the Walterboro plant closing dated
September 11, 2001.
SIGNATURE
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.
Date: September 11, 2001
NN, INC.
By: /s/ William C. Kelly, Jr.
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William C. Kelly, Jr.,
Chief Accounting Officer
EXHIBIT 99.1
NEWS BULLETIN
RE: NN, Inc.
2000 Waters Edge Drive
Johnson City, TN 37604
FROM: Nasdaq: NNBR
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FOR FURTHER INFORMATION:
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD/
- --------------- BSMG Worldwide:
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Will Kelly Kerry Thalheim Susan Garland
Treasurer & Manager of Investor Relations (General info) (Analyst)
(423) 743-9151 212-445-8437 212-445-8458
For Immediate Release
September 11, 2001
NN, INC. REDISTRIBUTES MANUFACTURING CAPACITY
Closing Walterboro, South Carolina Facility
Johnson City, Tennessee - September 11, 2001 - NN, Inc. (NASDAQ: NNBR) today
announced it will close its Walterboro, South Carolina facility effective
December 2001. The precision ball production of the Walterboro facility will be
fully absorbed by the Company’s remaining U.S. Ball & Roller
manufacturing facilities located in Erwin and Mountain City, Tennessee.
Roderick R. Baty, Chairman and Chief Executive Officer, stated, “The
closing of our Walterboro, South Carolina plant is a difficult but necessary
decision. In order to better serve our worldwide customers, we have worked
diligently over the past two years redistributing our global manufacturing base
beyond North America. The Euroball joint venture concluded in August 2000 was a
part of these ongoing efforts to locate our facilities in closer proximity to
our customers’ operations. This necessitated a corresponding reduction of
our capacity in North America. We believe NN’s manufacturing facilities are
now more appropriately balanced to competitively serve our customers on both an
international and domestic basis.
“We expect the Walterboro facility to continue operating at its present
production schedule through November 2, 2001. At that time, there will be a
phase out of production to be concluded by the end of the year. Unfortunately,
the closing impacts 85 full time employees who are of paramount concern to us.
It is our intention to provide an employee assistance program to each employee
which includes severance pay, benefit continuation and outplacement
services.”
NN will report after tax charges of approximately $1.0 million, or $0.06 per
share, in the second half of 2001 to cover the costs associated with severance,
equipment, and plant rearrangement costs. Annual cost savings beginning in
January 2002 of approximately $1.5 million, after tax, or $0.10 per share are
expected.
NN, Inc. is an independent manufacturer and supplier of high quality, precision
bearing components to both domestic and international anti-friction bearing
manufacturers and had sales of $132 million in 2000.
With the exception of the historical information contained in the release, the
matters described herein contain forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve a number of risks and
uncertainties that may cause actual results to be materially different from such
forward-looking statements. Such factors include, among others, general economic
conditions and economic conditions in the industrial sector, competitive
influences, risks that current customers will commence or increase captive
production, risks of capacity underutilization, quality issues, availability of
raw materials, currency and other risks associated with international trade, the
Company’s dependence on certain major customers, 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, 2000.
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