Annual new business awards of $65 million or more continue on pace
CHARLOTTE, N.C., April 8, 2024 (Globe Newswire) — NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that designs and manufactures precision components and assemblies, today announced a new The business announced strong quarterly gains. NN continues the momentum from his second half of 2023, matching his 2024 goal for the company of $55 million in new business acquisitions to $70 million in new business acquisitions. Additionally, over 70% of his 2024 Q1 awards will begin immediately in 2024.
“We are becoming a force to be reckoned with in our target markets and product segments. We are highly focused, learning quickly and responding quickly to great opportunities that align with our strengths. We have progressive plans for NN, Inc.,” said Verlyn Busch, Chief Commercial Officer, NN, Inc. We have many products in stock and are working quickly to develop new features that align with our future direction. We intend to lead in our product categories and add further avenues for growth. This is a very exciting time to be joining our industry as a value-added partner. This superior performance requires multifunctional teamwork between sales, engineering, operations, and procurement. We are making it happen. ”
NN won 23 new business in the first quarter, averaging $700,000 in new business across strategic regions in North America, South America, Europe and China. NN is improving its sales mix by developing stronger programs in certain regions and creating swap-out and trade-up options at certain plants. 72% of the award will start in his 2024. 3% in 2025 and 25% in 2026.
“Ensuring profitable sales growth that outperforms the market is a key pillar of our multi-year transformation plan,” said Harold Beavis, President and CEO of NN, Inc. “Our end markets are healthy and there are plenty of opportunities to participate at a higher rate.” “We are still optimizing some of the diluted business in certain plants with certain customers, while also adding new business.” I have collected the following. We have already launched many new programs in parallel and at the same time streamlined business in certain plants. Our operational performance has improved, and some of our plants that were previously restricted from developing new business have been given further growth opportunities. We have a focused plan and are on track. ”
NN's notable wins were secured in target areas such as vehicle electrification and charging systems, fuel efficiency and greenhouse gas reduction solutions, power grid expansion and control, and orthopedic medical products. The company's future pipeline remains focused and strong, with $610 million in potential new business.
About NN Co., Ltd.
NN, Inc., a global diversified industrial company, combines advanced engineering and manufacturing capabilities with deep materials science expertise to design and manufacture precision components and assemblies for a variety of markets worldwide. I am. 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.
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Except for certain historical information, many of the matters discussed in this press release may express or imply forecasts of revenues or expenditures, statements of plans or objectives, future operations or future economic performance. there is. These statements discuss goals, intentions and expectations regarding future trends, plans, events, results of operations or financial condition and are based on management's current beliefs and assumptions made by NN, Inc. We may also provide other relevant information. Currently available to administrators. Forward-looking statements typically include words such as “expects,” “believes,” “may,” “estimates,” “expects,” “anticipates,” “guidance,” “intends,” It involves words such as “may” and “could”. “,” “potential,” “forecast,” “plan,” or other similar words, phrases, or expressions. Forward-looking statements are subject to a number of risks and uncertainties that are beyond management's control and may cause actual results to differ materially from those in such forward-looking statements. Such factors include general economic conditions and economic conditions in the industry sector. the impact of pandemics, epidemics, disease outbreaks and other public health crises, including the COVID-19 pandemic, on our financial condition, business operations and liquidity; The impact of competition. the risk that current customers begin or increase in-house production; Risk of underutilized capacity. quality issues; significant changes in the cost and availability of raw materials; economic, social, political and geopolitical instability, currency fluctuations and other risks associated with operating operations outside the United States; inflationary pressures and changes in the cost and availability of materials, supply chain shortages and disruptions, and labor availability; our dependence on certain key customers; Some of them are not parties to long-term contracts (and/or may be terminated in the short term). Effects of Acquisitions and Divestitures. our ability to hire or retain key personnel; our level of debt; Restrictions Contained in Our Debt Agreements. the availability of financing at favorable interest rates and the ability to refinance existing debt as it matures; unanticipated difficulties in integrating acquisitions; new laws and government regulations; the impact of climate change on our operations; cyber liability or potential liability for a breach of our or our service providers' information technology systems or interruption of business operations; The factors listed above should not be construed as exhaustive and are consistent with “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained in the Company's filings with the Securities and Exchange Commission. It should be read in conjunction with the section entitled. Any forward-looking statements speak only as of the date of this press release, and the Company does not intend to make any forward-looking statements publicly available, whether as a result of new information, future developments or otherwise. We undertake no obligation to update or review the information. Law. New risks and uncertainties may emerge from time to time, and we cannot predict their occurrence or how they may affect us. We qualify all forward-looking statements by these cautionary statements.
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