News / NN Announces New Long Term Customer Agreement
Date: 2016-04-01
NN Announces New Long Term Customer Agreement
JOHNSON CITY, Tenn., March 31, 2016 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR), a diversified industrial company, announced today that it will begin production of a new series of Cylindrical Roller Bearing cages that utilizes a proprietary process technology.
NN developed this technology at one of its R&D innovation centers and has been working closely with major bearing suppliers to validate the new process. The flexible manufacturing technology allows bearing manufacturers to replace expensive machined cages resulting in significant cost savings. It also reduces tooling costs and shortens lead times on samples providing customers a cost effective fast to market solution for their cylindrical bearing applications.
"This new engineered process solution allows us to provide our customers with robust bearing cages that are globally competitive in all markets," said Jeff Manzagol, SVP Precision Bearing Components group. "This fast to market and flexible technology which provides orders of magnitude in cost reduction, changes the game entirely in the highly competitive global market for cylindrical bearings."
NN focuses on providing engineered solutions to our customers that provide for more capable products in an ever more competitive global market place. This new cage technology is no exception. The company has entered into a long-term agreement with a major bearing supplier and will begin production shipments by fall of 2016. The new product will expand into multiple applications and end-markets globally over the next 12 months.
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 Johnson City, Tennessee, NN has 42 manufacturing plants 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. 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 completed acquisitions are also forward-looking 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.
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, 2015. Except as required by law, we undertake no obligation to update or revise any forward-looking statements we make in our press releases, whether as a result of new information, future events or otherwise.
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