NN acquires cylindrical rollers maker Chelsea Grinding.
M2 EQUITYBITES-July 16, 2014-NN acquires cylindrical rollers maker Chelsea Grinding
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16 July 2014 - US metal bearing components manufacturer NN Inc (NASDAQ:NNBR) said it had taken over cylindrical rollers maker Chelsea Grinding Co, without disclosing the financial terms of the transaction.
The purchase will complement NN's own product portfolio and customer base, its president and CEO, Richard Holder, said. The transaction would immediately contribute to the company's earnings. Holder went on to say that NN is currently negotiating further buys that could be unveiled in the second half of the year.
Michigan-based Chelsea Grinding manufactures cylindrical rollers for use in the hydraulic pump sector. The firm, which had 2013 sales of USD2.3m (EUR1.7m), is now part of the NN Metal Bearing Components Group.
Chelsea's new owner makes metal bearing components as well as industrial plastic and rubber products. It operates 13 plants in the US, western and eastern Europe and China.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 16, 2014|
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