NN Creates Division Focused on Medical Device Market
October 18 2023 - 3:05PM
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company
that manufactures high-precision components and assemblies, today
announced its new medical device division, NN Medical, which will
expand its current medical business to leverage NN’s full capacity
across a global footprint. The company is immediately targeting
growth of its medical components business and possesses the
know-how, capacity and footprint to do so.
“We’re uniquely positioned to grow the medical market globally,
as we tap into our deep experience in precision manufacturing
practices and our dedication to grow in this end market,” said NN
CEO Harold Bevis. “We’re confident NN Medical will drive value for
our customers and stakeholders across the board.”
NN is adding to its existing Medical Products team and is
announcing that Willy Beach has joined as Director of Medical Sales
for North America. Mr. Beach is a seasoned veteran in the medical
market with over 15 years of experience in medical contract
manufacturing, and brings an abundance of industry knowledge,
strong customer relationships and a proven track record of
substantial growth. Additionally, search processes are underway for
a global business leader, and sales leaders for China and
Europe.
“Our global network of manufacturing capabilities, leadership
and highly technical employee expertise allows us to move quickly
and deliver important medical products to customers in orthopedics,
biotechnology and non-invasive emerging markets immediately,” said
Mr. Beach.
NN Medical will share plants, assets and capabilities with NN’s
Power Solutions and Mobile Solutions business units in North
America, South America, Europe and China. The new division will
offer a range of capabilities suitable for both local and global
OEMs in the medical market, which is an excellent fit with NN’s
capabilities in precision metal machining, stamping and assemblies,
and helps drive immediate shareholder value. NN’s existing
orthopedic instruments business, Holmed, will continue to serve its
customers in the medical industry.
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 STATEMENTSExcept 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,
including the COVID-19 pandemic, 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, 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,
and the availability of labor; 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; 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; unanticipated
difficulties integrating acquisitions; 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:
Tim
PetersMedia Contact+1 773 318 7558tim.peters@alphaadvgroup.com
Joseph Caminiti, CFAInvestor Relations
Contactjoseph.caminiti@alpha-ir.com+1 312 445 2864
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