Posted July 13, 2017

NN Inc. to sell Precision Bearings Components Group

NN Inc. has entered into a definitive agreement to sell its Precision Bearing Components Group to Tsubaki Nakashima Co. Ltd., for $375 million in cash.

The transaction is expected to be completed in the second half of 2017, and is subject to regulatory and customary closing conditions.

NN plans to redeploy the estimated $270 million in net proceeds from the transaction into higher-growth, higher-margin end markets, while also accelerating its focus on deleveraging.

"This transaction further balances our portfolio and provides us with the capital to execute on our strategic expansion into the higher-growth, medical and aerospace end markets," said Richard Holder, president and chief executive officer..