NN Enters Supply Agreement; Shares Rise

Resource from: CBCC Likes:2972

Oct 08,2005

JOHNSON CITY, Tenn. (AP) - NN Inc., a maker of balls, rollers, seals and retainers for bearing manufacturers, said Friday it bought a French manufacturer's supply of ball producing equipment from a factory in Annecy for about 5 million euros ($6.1 million). In return, the company said it entered a five-year supply agreement with SNR Roulements, increasing its revenue by $9 million a year. Shares of NN were up 62 cents, or 5.5 percent, at $11.79 in afternoon trading on the Nasdaq. Shares of the company have traded in a range of $10.39 to $13.69 over the past year. NN already produces precision balls for SNR Roulements. This agreement will double NN's current annual revenue from SNR to $18 million from $9 million.

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