Johnson City — NN Incorporated has completed its purchase of Precision Engineered Products. The Johnson City-headquartered manufacturer announced it would buy the company in August, at a cost of $615 million. Here is a copy of the full release:
NN, Inc. Completes Acquisition Of Precision Engineered Products
JOHNSON CITY, Tenn., Oct. 20, 2015 /PRNewswire/ — NN, Inc., (NASDAQ: NNBR) a diversified industrial company, today announced that the Company has successfully completed its acquisition of Precision Engineered Products Holdings, Inc.(PEP), a global manufacturer of highly engineered precision customized solutions serving the medical, electrical, transportation and aerospace end markets.
Richard Holder, President and CEO commented, “The acquisition of PEP, the largest in NN’s 35 year history, is a transformational milestone that expands our market segment reach, broadens our portfolio of products, services, and solutions, as well as expands margins and strengthens our global geographic footprint.”
“PEP adds proven capabilities in medical, electrical, transportation and aerospace to NN’s strengths in light auto, CAFE technologies, general industrial, commercial transportation and fluid power,” Holder said. “These complementary technologies further accelerate NN’s growth as a diversified industrial focused on delivering a complete portfolio of world class products and solutions to our customers and being a consistent earner through the economic cycle.”
NN, Inc., a diversified industrial company, manufactures and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. Headquartered inJohnson City, Tennessee, NN has 43 manufacturing plants in North America, Western Europe, Eastern Europe, South Americaand China.