CHARLOTTE, N.C., Oct. 2,
2018 /PRNewswire/ -- NN, Inc., (Nasdaq: NNBR) ("NN" or
"the Company") a diversified industrial company, today announced
that its Power Solutions group will expand its manufacturing
capabilities and presence in the northeast to meet growing demand
in the Aerospace and Defense Markets. The 100,000-square-foot
facility in Taunton, Massachusetts
will be developed in the Myles Standish Industrial Park (MSIP) and
encompass approximately 80,000-square-feet of manufacturing space
and 20,000-square-feet of office space.
Christopher Qualters, Executive
Vice President – Power Solutions, commented, "As NN's Aerospace and
Defense business continues to grow, this new state-of-the-art
facility in Taunton will allow us
to provide more of our precision engineered solutions for this
rapidly expanding market. Our team will use our advanced process
technologies to produce products for Commercial aviation, Space
vehicles, Satellites and Defense applications for aerial and ground
operations. I look forward to expanding our presence in
Massachusetts, and especially in
the City of Taunton, which has a
strong manufacturing history. The development of this facility
reflects NN's overall balanced portfolio approach and focus on
expanding our capabilities in the electrical and aerospace end
markets."
NN will lease the facility from Rhino Capital Advisors, a real
estate investment firm that recently acquired 11.3 acres of land in
the MSIP from the Taunton/MassDevelopment Corporation to develop
this expansion project. NN expects the expansion to create between
75 and 80 new jobs within three years of launching the new
facility. Construction of the building has begun and is scheduled
to be completed in the spring of 2019.
NN Power Solutions, a business group of NN, designs and
manufactures a broad range of high precision metal and plastic
components, assemblies, and finished products. With a focus on
technical innovation, NN Power Solutions applies its world-class
quality to the Power Distribution, Power Transmission, Energy
Automation and Smart Grid, Sensors, Circuit Protection, Backup
Power, Military and Aerospace, Automotive and Factory Automation
markets.
NN, Inc., a diversified industrial company combines advanced
engineering and production capabilities with in-depth materials
science expertise to design and manufacture high-precision
components and assemblies for a variety of markets on a global
basis. Headquartered in Charlotte, North
Carolina, NN has 51 facilities in North America, Western Europe, Eastern Europe, South America and China.
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.
(the "Company") 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, and the successful implementation of the global growth
plan including development of new products. Similarly, statements
made herein and elsewhere regarding pending and completed
transactions are also forwardlooking statements, including
statements relating to the future performance and prospects of an
acquired business, the expected benefits of an acquisition on the
Company's future business and operations and the ability of the
Company to successfully integrate recently acquired businesses or
the possibility that the Company will be unable to execute on the
intended redeployment of proceeds from a divestiture, whether due
to a lack of favorable investment opportunities or otherwise.
For additional information concerning such risk factors and
cautionary statements, please see the section titled "Risk Factors"
in the Company's periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Except as required by law, the
Company undertakes no obligation to update or revise any
forward-looking statements make in this press release, whether as a
result of new information, future events or otherwise.
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SOURCE NN, Inc.