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NN, Inc. (Nasdaq: NNBR) today announced the acquisition of Whirlaway Corporation (a privately held company)headquartered in Wellington, Ohio, for $44.0 million in cash. The purchase price is subject to usual and customary post closing adjustments. NN will not assume any bank debt held by Whirlaway as of the closing date. Founded in 1973, Whirlaway is a high precision metal component and fluid control assembly manufacturer that supplies customers serving the air conditioning, appliance, automotive, commercial refrigeration and diesel engine industries.
Whirlaway produces highly engineered fluid control components and assemblies, shafts and prismatic machined parts. They expect sales of approximately $80.0 million in 2006, up from $37.0 million in 2002. Whirlaway employs 575 in three locations in Ohio and through its wholly-owned subsidiary, Triumph LLC located in Tempe, Arizona. The acquisition is expected to be immediately accretive to NN.
Roderick R. Baty, Chairman and Chief Executive Officer of NN, Inc., stated, the acquisition of Whirlaway represents an ideal first step in our efforts to create a precision metal components platform at NN. They serve technically challenging and diverse end markets that exhibit attractive organic growth potential. Whirlaway provides high value added technical solutions to their customers which fully utilize their excellent technical manufacturing technologies. Their engineered product solutions have resulted in significant historical growth and provide a solid foundation for future growth via opportunities in existing markets, end market diversification and additional acquisitions. In summary, Whirlaway provides NN with an excellent platform to create a profitable precision metal components business of significant size and scale over the next several years, consistent with our strategic business plan.
Thomas Zupan, President and Chief Executive Officer of Whirlaway Corporation, stated, I am pleased that we are able to join forces with NN, a Company that shares our culture and values. I am excited about the significant growth prospects and resources that the acquisition by NN affords us. As part of NN, we now have the financial, technical, sales and marketing resources available to fully leverage our unique capabilities with new and existing customers. NN also provides us with an instant European and Asian presence that will allow us to better align with our global customers.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| PAP5040P11 bearing | 50 | 55 | 40 |
| PAP5030P11 bearing | 50 | 55 | 30 |