NN, Inc. Reports Record-Breaking $62.6 Million of New Business Wins in 2023

NN’s 2023 strategic transformation plan drives strong wins momentum, as well as $500 million in 2024 opportunity pipeline

CHARLOTTE, N.C., Jan. 09, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reports a record-breaking 2023, with $62.6 million in new business wins. Ending with a strong second half, this acceleration in new business awards is a direct result of the company’s new transformational business strategy. NN continues to gain traction with wins in desirable and diversified markets through better focus, targeting and harnessing its collective strengths.

“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 Harold Bevis, CEO of NN, Inc. “This opens the door for our team to partner with customers and suppliers to create unique and breakthrough value-added solutions. We are capitalizing on our highly technical process capabilities, our existing footprint and know-how. The goal is to win business, grow sales and profits.”

Bevis began as CEO in May 2023 and immediately announced a focused transformation plan, including:

• 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 $62.6 million in new business wins during 2023 included wins in three key areas:

• 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.