“Part of our transformation plan is to improve how we engage our customers and the marketplace. Our new business wins in 2023 are validation that its working and that’s great news,” said
Bevis began as CEO in
- Culture change, harnessing strengths, and talent upgrade in certain areas
- Revamped sales and customer programs
- Revamped operational performance
- Revamped free cash flow performance
NN’s
- Electric vehicle (EV) and hybrid vehicle applications with total wins of approximately
$30 million . - Vehicle connector components and electrical connector shielding with total wins of approximately
$15 million . - Diesel parts for large equipment with total wins of approximately
$9 million .
Precision components supplied by NN are proving valuable in supporting advancements in noise reduction, vibration reduction and harshness performance (NVH) requirements by manufacturers. Its capabilities in precision machining, precision stamping, plating, precious metals and injection molding are welcome in the marketplace, especially with its certifications, such as ISO-13485, ITAR, IATF-16949, ISO-9001, NADCAP AC7108 & AC7004. These certifications and internal know-how have allowed NN to immediately re-enter the medical business with a focused agenda on surgical instruments, handpieces and implants for orthopedic applications, among others.
NN’s delivers single micron tolerance with its precision machining capabilities in Swiss-style, screw, and rotary transfer machines with worm milling and gear hobbing. Its micro milling and grinding are ideal for component needs such as motor shafts, pinion and worm gears, connectors, injector and spool valve components and armatures.
NN’s has progressive stamping capabilities with presses from two to 330 tons and unique knowledge in producing high and low voltage connectors, electrical contacts and contact assemblies, including EMI connector box shields, bus bars and collector plates, which are needed in EVs, hybrid vehicles, battery storage, meters and power distribution systems.
And finally, NN uniquely has in-house gold, silver, palladium, nickel and tin plating capabilities by rack or barrel method. This gives NN a unique one-stop capability for customer’s metal component requirements. Adding to these production capabilities, NN’s employs in-house proprietary tool design which enables it to move fast.
NN’s pipeline of new business opportunities entering 2024 is focused and approximately
“The NN sales team did a great job in 2023. Our sales growth goal is 5% CAGR, and this level of new business wins is consistent with our objectives and shows that the actions we have in place can deliver tremendous forward value,” said Bevis. “Coupled with our revamped approach to operational performance, the company intends for these new business wins to be additive as we increase our customer retention rates on existing business.”
About
FORWARD-LOOKING STATEMENTS
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 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
Contact:
Media Contact
+1 773 318 7558
tim.peters@alphaadvgroup.com
Investor Relations Contact
joseph.caminiti@alpha-ir.com
+1 312 445 2864
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NN, Inc. 2023 Growth Recap
NN, Inc. achieved a record-breaking 2023 with focus on diversified new business and ICE-specific wins.
2024 GlobeNewswire, Inc., source