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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) October 2, 2003 (October 1, 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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Not applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure.
On October 1, 2003, the Company issued a press release announcing the formation
of a new Slovakian company and a related asset acquisition. 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 dated October 1, 2003.
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: October 2, 2003
NN, INC.
By: /s/ William C. Kelly, Jr.
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William C. Kelly, Jr.,
Secretary, Treasurer and Chief
Administrative Officer
RE: NN, Inc.
2000 Waters Edge Drive
Johnson City, TN 37604
FOR FURTHER INFORMATION:
AT THE COMPANY: AT FRB|WEBER SHANDWICK
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Will Kelly Alison Ziegler Susan Garland
Treasurer & Manager of Investor Relations (General info) (Analyst info)
(423) 743-9151 212-445-8432 212-445-8458
FOR IMMEDIATE RELEASE
October 1, 2003
NN, INC. FORMS NEW SLOVAKIAN COMPANY TO ESTABLISH MANUFACTURING
BASE IN EASTERN EUROPE
Johnson City, Tennessee, October 1, 2003 - NN, Inc. (Nasdaq: NNBR) today
announced that it has entered into an asset purchase agreement to acquire the
precision ball operations of KLF - Gulickaren, based in Kysucke Nove Mesto,
Slovakia for approximately 1.7 million Euros. The transaction, which is subject
to customary governmental approval of the transfer of real estate, is expected
to close in October 2003. The assets will be utilized in forming a new company
that will begin production in early 2004 with first year revenues expected to be
approximately $2.0 to $3.0 million. The financial results of the operations will
be consolidated in the Company's NN Euroball Segment.
Roderick R. Baty, Chairman and Chief Executive Officer said, "The formation of
this company in Eastern Europe is consistent with our efforts to further expand
our geographic manufacturing base. Our Slovakian operation will allow us to
better serve our worldwide bearing customers, many of whom have already
established Eastern European operations. We believe this operation will provide
new opportunities for NN to create value for our customers. As a result, we are
optimistic regarding the long-term growth prospects for our newest facility."
NN, Inc. manufactures and supplies high precision bearing components, consisting
of balls, rollers, seals and retainers, for leading bearing manufacturers on a
global basis and had sales of US $193 million in 2002.
The statement concerning expected first year revenues is a forward-looking
statement that is 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, 2002.
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