CHARLOTTE, N.C., July 19, 2018 /PRNewswire/ -- NN, Inc., (Nasdaq: NNBR) ("NN" or "the Company") a diversified industrial company, today announced that its Power Solutions group has deployed new state-of-the-art technologies that extend its production capabilities for the Aerospace and Defense Markets.
The new technologies include advanced mill turn capabilities, automatic tool setters, and the latest in automated inspection technology which allow NN to produce high precision products up to 120" and up to 5000 lbs. The state-of-the-art technologies enable very complex geometries to be produced while holding dimensional tolerances of less than 4 microns/.0002 inch.
Christopher Qualters, Executive Vice President–Power Solutions, commented, "As our business continues to grow, we have identified a need across our Commercial Aviation, Space Vehicle, Satellite, and Defense Systems segments to deliver products for use in small internal systems to large functional and structural systems. These new assets combined with our engineered solutions teams will ensure NN can deliver solutions with the highest precision levels required by the industry across a comprehensive size range. These investments are consistent with NN's balanced portfolio approach and overall focus on expanding our capabilities in the electrical and aerospace end markets, and we look forward to leveraging this technology in these growth segments."
NN plans to complete installation and qualification of these assets by the fourth quarter 2018.
NN Power Solutions, a business group of NN, designs and manufactures a broad range of high precision metal and plastic components, assemblies, and finished products. With a focus on technical innovation, NN Power Solutions applies its world-class quality to the Aerospace, Defense, Power Distribution, Power Transmission, Automation and Smart Grid, Sensors, Circuit Protection, and Backup Power markets.
NN, Inc. 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 Charlotte, North Carolina, NN has 51 facilities 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. (the "Company") 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 pending and completed transactions 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 or the possibility that the Company will be unable to execute on the intended redeployment of proceeds from a divestiture, whether due to a lack of favorable investment opportunities or otherwise.
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, 2017. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements make in this press release, whether as a result of new information, future events or otherwise.
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SOURCE NN, Inc.