Buyer of Erwin, Mountain City bearings plants: No layoffs planned
Tomoya Soda, investor relations manager of Tsubaki Nakashima, said in an email Tuesday morning the plants in Erwin and Mountain City, currently owned by NN Inc. “will contribute to our corporate strategy of ‘Further profitable growth.’ ”
NN Inc. announced Monday the sale of its precision bearing components group, which includes the Erwin and Mountain City locations, to Tsubaki Nakashima for $375 million. The deal is expected to close in the third quarter of this year.
Mitch Miller, CEO of the Northeast Tennessee Regional Economic Partnership, said in an email Monday the new company plans to bring its North American headquarters to Johnson City to work alongside NN Inc.’s global headquarters.
NN Inc. CEO Richard Holder said in a statement “Tsubaki Nakashima is the right strategic fit for PBC, its employees and its customers.”
“By joining with Tsubaki Nakashima, a well-respected bearing components manufacturer with an established track record of global growth, PBC will continue to thrive,” he continued.
Tsubaki Nakashima’s investor information says the acquisition will put the company a step closer to achieving short- and long-term sales goals and increase its global footprint. By buying NN Inc.’s offerings, the company will break into roller bearings manufacturing.
Holder said the proceeds from the sale will allow NN Inc. to move into higher-growth, more profitable markets, namely the medical and aerospace industries
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