NN, Inc. and SNR Announce Purchase Agreement
Resource from: CBCC Likes:2967
Oct 08,2005
JOHNSON CITY, Tenn., Oct. 7 /PRNewswire-FirstCall/ -- NN, Inc. (Nasdaq: NNBR) today announced that it has reached an agreement with SNR Roulements ("SNR") to purchase all of SNR's internal precision ball producing equipment from its manufacturing facility in Annecy France for approximately euro 5.0 million. In return, NN will receive a five year supply agreement to provide SNR with an additional $9.0 million of its annual ball requirements. The product will be supplied from NN Europe's existing precision ball operations utilizing the purchased equipment as well as existing equipment and personnel. SNR is a global bearing manufacturer and supplier to the automotive, industrial and aerospace industries.
Roderick R. Baty, Chairman and Chief Executive Officer, stated, "We are pleased this outsourcing transaction will allow us to further serve SNR. Additionally, the purchase agreement is consistent with our business strategy of enhancing our existing customer relationships by adding additional value through our component manufacturing and service competencies. The transaction, which is immediately accretive, will increase our current revenues with SNR from approximately $9.0 million to $18.0 million annually."
NN, Inc. manufacturers and supplies high precision bearing components consisting of balls, rollers, seals, and retainers for leading bearing manufacturers on a global basis NN, Inc. had sales of US $304 million in 2004.
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. 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 other risk factors and cautionary statements listed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on 10-K for the fiscal year ended December 31, 2004.
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
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