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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 reported) May 2, 2003
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NN, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-23486 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 area code (423) 743-9151
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None
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(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure.
On May 2, 2003, the Company issued a press release announcing it
acquired SKF's component manufacturing operating in Veenendaal, The Netherlands.
A copy of the press release is attached as Exhibit 99.1 hereto and incorporated
by reference.
Item 7. Financial Statements and Exhibits.
(c) EXHIBITS. The following exhibit is filed herewith:
99.1 Press Release dated May 2, 2003.
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.
Date: May 2, 2003 NN, INC.
By: /s/ William C. Kelly, Jr.
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William C. Kelly, Jr.
Treasurer, Secretary and Chief
Administrative Officer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release dated May 2, 2003
RE: NN, Inc.
2000 Waters Edge Drive
Johnson City, TN 37604
FOR FURTHER INFORMATION:
AT THE COMPANY AT FRB|WEBER SHANDWICK
Will Kelly Kerry Thalheim Susan Garland
Treasurer & Manager of Investor Relations (General info) (Analyst info)
(423) 743-9151 212-445-8437 212-445-8458
FOR IMMEDIATE RELEASE
May 2, 2003
NN, INC. ACQUIRES SKF'S COMPONENT MANUFACTURING OPERATION
IN VEENENDAAL, THE NETHERLANDS
Johnson City, Tenn., May 2, 2003 - NN, Inc. (Nasdaq: NNBR) today announced the
purchase of SKF Group's tapered roller and metal cage manufacturing operation in
Veenendaal, The Netherlands for 22.2 million Euros. SKF has purchased 700,000
new common shares under NN, Inc.'s current shelf registration for an aggregate
investment of $6,188,000. The remainder of the purchase price will be financed
with borrowings under a new syndicated credit facility.
The Veenendaal operation manufactures rollers for tapered roller bearings as
well as metal cages for both tapered and spherical roller bearings, and has
approximately 360 employees with annual production at approximately 45.0 million
Euros.
Roderick R. Baty, Chairman and Chief Executive Officer, stated, "We continue to
look for excellent opportunities to build upon existing customer relationships
and our core manufacturing and service competencies. Both products represent an
expansion of our bearing component offering, enabling us to further serve and
bring additional value to our global bearing customers. This transaction will
also increase our overall consolidated roller business to approximately 16% of
total revenues from our current 4% and will be immediately accretive. We
estimate the Veenendaal operation will add approximately $0.03 per share to
earnings for the balance of 2003."
NN, Inc. manufactures and supplies high precision bearing components consisting
of balls, rollers, seals, and retainers for leading bearing manufacturers on a
global basis. In addition, the Company manufactures a variety of other plastic
components. NN, Inc. had sales of US $193 million in 2002.
The statements concerning additional earnings per share and increases to our consolidated roller business are forward-looking statements and 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, 2001.