NN, Inc. Recognized as Top Quality Supplier
30 May 2024 - 6:05AM
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company
that engineers and manufactures high-precision components and
assemblies, today announced its Wuxi, China plant has earned 2023
“Excellent Quality” awards from two key global customers:
- $47 billion DENSO Corporation, the
second largest auto parts supplier in the world
- $16 billion Nidec Corporation, the
largest electric motor company in the world
NN earned these recognitions by delivering
world-class, six sigma quality to the production lines of these
customers. NN’s customers’ products and systems are used in the
China auto production industry for fuel systems, power steering,
powertrains, and transmissions.
“The China market is growing and robust with
innovation and competition. No matter where vehicle platform
evolution stands, demand is taking off for products that enable
customers to achieve more performance for less total cost. We are
clearly focused on differentiation through unique products
delivered on-time with outstanding quality. Being recognized by
world-class global organizations like Nidec and DENSO is a
testament to delivering that value,” said Harold Bevis, President
and CEO of NN, Inc. “Growing and building a much larger position in
China is a key part of our company’s transformation strategy and
being known as a great supplier helps us achieve these goals.”
Bevis continued, “In a relatively short amount
of time, we have secured over $30 million of growth in China as
part of our recent $80 million global new business win portfolio.
Much of our growth comes from existing global customers like DENSO
and Nidec. We have a global new business pipeline of over $550
million and intend to keep securing new business wins at a $55 to
$70 million per year pace. We have been targeted with our growth
program, and it is capital-effective and accretive to our gross
margins.”
“Thank you to the NN China team where we have
over 1,300 employees and over $175 million of business operating
out of our two wholly-owned plants and in our 49%-owned JV with
Weifu Corporation,” concluded Harold Bevis.
Nidec 2023 Excellent Quality
AwardNidec is one of the largest electric motor companies
in the world, specializing in precision motors. NN received the
2023 “Excellent Quality Award” from the company’s Zhejiang plant,
which is their second largest in China. NN was one of two suppliers
to earn this award, out of 111 total suppliers.
DENSO 2023 Excellent Quality
AwardDENSO is one of the largest automotive suppliers in
the world, and manufactures auto parts including engine components,
hybrid vehicle components, and climate control systems, supported
by a global network of suppliers, including NN. NN won DENSO’s 2023
“Excellent Quality Award” for the third consecutive year.
About NN, Inc.
NN, Inc., a global 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 Charlotte, North Carolina, NN
has facilities in North America, Europe, South America, and Asia.
For more information about the company and its products, please
visit www.nninc.com.
FORWARD-LOOKING STATEMENTS
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 statements may discuss goals, intentions and
expectations as to future trends, plans, events, results of
operations or financial condition, or state other information
relating to NN, Inc. based on current beliefs of management as well
as assumptions made by, and information currently available to,
management. Forward-looking statements generally will be
accompanied by words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,”
“possible,” “potential,” “predict,” “project” or other similar
words, phrases or expressions. Forward-looking statements involve a
number of risks and uncertainties that are outside of management’s
control and that may cause actual results to be materially
different from such forward-looking statements. Such factors
include, among others, general economic conditions and economic
conditions in the industrial sector; the impacts of pandemics,
epidemics, disease outbreaks and other public health crises, on our
financial condition, business operations and liquidity; competitive
influences; risks that current customers will commence or increase
captive production; risks of capacity underutilization; quality
issues; material changes in the costs and availability of raw
materials; economic, social, political and geopolitical
instability, military conflict, currency fluctuation, and other
risks of doing business outside of the United States; inflationary
pressures and changes in the cost or availability of materials,
supply chain shortages and disruptions, the availability of labor
and labor disruptions along the supply chain; our dependence on
certain major customers, some of whom are not parties to long-term
agreements (and/or are terminable on short notice); the impact of
acquisitions and divestitures, as well as expansion of end markets
and product offerings; our ability to hire or retain key personnel;
the level of our indebtedness; the restrictions contained in our
debt agreements; our ability to obtain financing at favorable
rates, if at all, and to refinance existing debt as it matures; new
laws and governmental regulations; the impact of climate change on
our operations; and cyber liability or potential liability for
breaches of our or our service providers’ information technology
systems or business operations disruptions. The foregoing factors
should not be construed as exhaustive and should be read in
conjunction with the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” included in the Company’s filings made with
the Securities and Exchange Commission. Any forward-looking
statement speaks only as of the date of this press release, and the
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law. New
risks and uncertainties may emerge from time to time, and it is not
possible for the Company to predict their occurrence or how they
will affect the Company. The Company qualifies all forward-looking
statements by these cautionary statements.
Contact:
Joe
Caminiti or Stephen Poe, InvestorsTim Peters or Emma Brandeis,
MediaNNBR@alpha-ir.com312-445-2870
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