CHARLOTTE, N.C., Oct. 2, 2018 /PRNewswire/ -- NN, Inc., (Nasdaq: NNBR) ("NN" or "the Company") a diversified industrial company, today announced that its Power Solutions group will expand its manufacturing capabilities and presence in the northeast to meet growing demand in the Aerospace and Defense Markets. The 100,000-square-foot facility in Taunton, Massachusetts will be developed in the Myles Standish Industrial Park (MSIP) and encompass approximately 80,000-square-feet of manufacturing space and 20,000-square-feet of office space.
Christopher Qualters, Executive Vice President – Power Solutions, commented, "As NN's Aerospace and Defense business continues to grow, this new state-of-the-art facility in Taunton will allow us to provide more of our precision engineered solutions for this rapidly expanding market. Our team will use our advanced process technologies to produce products for Commercial aviation, Space vehicles, Satellites and Defense applications for aerial and ground operations. I look forward to expanding our presence in Massachusetts, and especially in the City of Taunton, which has a strong manufacturing history. The development of this facility reflects NN's overall balanced portfolio approach and focus on expanding our capabilities in the electrical and aerospace end markets."
NN will lease the facility from Rhino Capital Advisors, a real estate investment firm that recently acquired 11.3 acres of land in the MSIP from the Taunton/MassDevelopment Corporation to develop this expansion project. NN expects the expansion to create between 75 and 80 new jobs within three years of launching the new facility. Construction of the building has begun and is scheduled to be completed in the spring of 2019.
NN Power Solutions, a business group of NN, designs and manufactures a broad range of high precision metal and plastic components, assemblies, and finished products. With a focus on technical innovation, NN Power Solutions applies its world-class quality to the Power Distribution, Power Transmission, Energy Automation and Smart Grid, Sensors, Circuit Protection, Backup Power, Military and Aerospace, Automotive and Factory Automation markets.
NN, Inc., a 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 51 facilities in North America, Western Europe, Eastern Europe, South America and China.
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, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. (the "Company") and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "assumptions", "target", "guidance", "outlook", "plans", "projection", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forwardlooking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses or the possibility that the Company will be unable to execute on the intended redeployment of proceeds from a divestiture, whether due to a lack of favorable investment opportunities or otherwise.
For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements make in this press release, whether as a result of new information, future events or otherwise.
SOURCE NN, Inc.