In August 2014, NN completed the acquisition of Autocam for $300 million. Autocam will join NN's Precision Metal Components Segment forming a new, dedicated Autocam Precision Metal Components segment. The Autocam brand name will continue to be used to leverage its strength and reputation in the marketplace. As a result of the transaction, John Kennedy, Founder and CEO of Autocam, will become a significant shareholder of NN and has been appointed to serve on NN’s board of directors. The transaction does not include the Autocam Medical business. In connection with the closing, NN obtained a $350 million term loan facility and a $100 million asset backed revolver.
Autocam Corporation (“Autocam”) headquartered in Grand Rapids, Michigan, is a global leader in the engineering, manufacture and assembly of highly complex, system critical components for fuel systems, engines and transmissions, power steering and electric motors. With expected 2014 sales of approximately $250 million, Autocam employs over 2,100 employees and has operations in 15 facilities in the U.S., Europe, South America and Asia. The expected 2014 sales do not include approximately $42 million in expected sales from a 49% Chinese joint venture accounted for under the equity method.
NN, Inc. (“NN”) (Nasdaq: NNBR) manufactures and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 14 manufacturing plants in the U.S., Western Europe, Eastern Europe and China. NN had sales of $373 million in 2013.