NN Ball & Roller, Inc. Acquires Industrial Molding Corporation; Plastic Injection Molding Business Creates New Growth Platform

Acquisition Highlights:

-- In line with NN's strategic growth plan

-- Accretive to earnings

-- Increased domestic presence

-- Serve complimentary markets

-- Synergistic customer base

-- Provides platform for additional growth initiatives

Jul 06, 1999, 01:00 ET from NN Ball & Roller, Inc.

    ERWIN, Tenn., July 6 /PRNewswire/ -- NN Ball & Roller, Inc. (Nasdaq:   NNBR)
 an independent manufacturer and supplier of high-quality, precision steel
 balls and rollers to domestic and international anti-friction bearing
 manufacturers, today announced the acquisition of Industrial Molding
 Corporation (IMC), a privately held company, headquartered in Lubbock, Texas.
 Founded in 1947, the Company is a premier full-service designer and
 manufacturer of plastic injection molded components.
     IMC supplies a wide range of products to the bearing, automotive,
 electronic, leisure and consumer markets with an emphasis on value-added
 products that take advantage of its unique capabilities in product
 development, tool design, and tight tolerance molding processes. The Company
 operates two manufacturing facilities located in Lubbock, Texas.  Its
 principal product segments include bearing retainers, automotive seals and
 components, instrument cases, precision connectors for fiber optics, and
 consumer hardware.  Total revenues amounted to $28.1 million in 1998.
     Roderick R. Baty, President and Chief Executive Officer of NN Ball and
 Roller, said, "IMC is an ideal first acquisition for NN Ball & Roller. The
 Company clearly meets the specific criteria we developed in our strategic
 growth plan. First and foremost, it is a profitable, well-managed company with
 similar culture and values.  Second, it builds upon NN's core business
 strengths and relationships with approximately one-third of its revenues
 derived from precision bearing retainers. Further, IMC provides additional
 growth opportunities outside NN's traditional markets through its diverse
 engineered plastic offerings serving a variety of non-bearing industries."
     James Earsley, Chairman of IMC, said, "I am very pleased to say that we
 will be joining forces with a company that shares our customer and employee
 values.  Additionally, we have significantly enhanced our ability to
 capitalize on our strong growth and profit opportunities by combining
 resources with NN."
     Mr. Baty went on to say, "IMC has a number of core competencies and key
 business strengths that position it for increased growth and profitability.
 Its depth of resources has enabled it to foster strong, long-term
 relationships with a diverse customer base.  In fact, its leading in-house
 design and tooling capabilities enables them to work closely with customers at
 the concept stage of product development.  IMC's precision custom molding and
 advanced engineering capabilities are reflected by its broad product offering
 which includes over 600 components in active production.  Looking forward, IMC
 is well positioned to leverage these strengths to expand its leading presence
 in existing industries and expand in rapidly growing market segments.  In
 summary, we are very excited about the additional growth opportunities this
 new business will bring to NN," concluded Mr. Baty.
     NN Ball & Roller acquired IMC for $23.5 million in cash and 440,038 shares
 of common stock, a transaction valued at approximately $26 million.  The
 acquisition will be accounted for using the purchase method of accounting and
 is expected to be accretive to NN's earnings in 1999.
     NN Ball & Roller, Inc., is an independent manufacturer and supplier of
 high-quality, precision steel balls and rollers to both domestic and
 international anti-friction bearing manufacturers.  Precision steel balls and
 rollers are critical moving parts of anti-friction and quiet bearings, which,
 in turn, are integral components of machinery with moving parts, such as
 electric motors, water pumps, air conditioners, generators, fans, conveyors,
 and other machinery used in a variety of automotive and industrial

SOURCE NN Ball & Roller, Inc.