February 4, 2014
Johnson City, Tennessee - NN, Inc. (Nasdaq: NNBR) today announced that it has completed the acquisition of the assets of V-S Industries. V-S Industries is a privately held manufacturer of precision metal components with operations in Wheeling, Illinois and Juarez, Mexico. The acquisition of V-S will provide NN with a complementary, but broader product offering and will allow penetration into adjacent markets. Financial terms of the deal were not disclosed.
V-S Industries was founded in 1944 and had sales of approximately $16.0 million in 2013. V-S Industries products serve a variety of industries including electric motors, HVAC, power tools, automotive and medical. NN, Inc. will continue operations at the existing facilities in Illinois and Mexico and will roll up the operations under its NN Precision Metals Components Group.
Rich Holder, President and Chief Executive Officer of NN, Inc. commented, “Our acquisition of V-S Industries is the first of numerous transactions we are executing as a key component of our new strategic plan. The V-S portfolio is complementary to the products we currently manufacture in our Precision Metals Component Group and provides us entry into adjacent markets and increases our global manufacturing footprint while allowing us to better serve both existing and new customers. We are actively engaged in other discussions and expect to announce additional transactions in the near future.”
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, Mexico and China. NN, Inc. had sales of US $370 million in 2012. For more information on NN, Inc. visit the website: http://www.nnbr.com/.