NN, INC. acquires Chelsea Grinding Company, Cylindrical Roller Manufacturer

Resource from: NN, Inc. Likes:227

Jul 16,2014

Johnson City, Tenn, July 15, 2014 – NN, Inc. (Nasdaq: NNBR) today announced that it has acquired the assets of Chelsea Grinding Company. Chelsea is a manufacturer of cylindrical rollers used primarily in the hydraulic pump industry. Financial terms of the deal were not disclosed. Chelsea, a privately-held company located in Jackson, Michigan, had sales of approximately $2.3 million in 2013. Its products are used mainly in roller vane pumps for the hydraulic pump market as well as torsion bars in the automotive market. NN will roll up Chelsea’s operations under its NN Metal Bearing Components Group. “With the addition of Chelsea to the NN family, we are continuing to execute on our strategic growth plan,” commented Richard Holder, President and Chief Executive Officer of NN, Inc. “The acquisition of Chelsea is complementary to our product portfolio and customer base and is expected to be immediately accretive. We expect to announce additional transactions in the second half of this year as we are actively engaged in discussions with other acquisition targets.” 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 13 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN, Inc. had sales of US $373 million in 2013.

(NN, Inc.)

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