6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Roderick R. Baty, chairman and CEO, stated, "This concludes the joint ownership phase of the original outsourcing transaction. Importantly, the historical performance of NN Euroball has provided SKF the necessary confidence to exit their ownership interest in the venture.
We believe their confidence is well founded on the basis of NN Euroball's ability to continue to serve their long-term precision ball needs. We look forward to a continuing long-term supply relationship with our original partners and customers in this venture. We anticipate the transaction to add approximately $0.04 per share to earnings for the balance of 2003."
NN Euroball was formed as a joint venture company in Europe to manufacture and supply precision steel balls used in finished bearings. NN Euroball's operations are comprised of manufacturing facilities in Kilkenny, Ireland, Eltmann, Germany and Pinerolo, Italy. Under the original shareholder agreement, SKF Group and INA/FAG had the right to sell to NN, Inc. their respective ownership interests in NN Euroball beginning on Jan. 1, 2003.
NN, Inc. manufactures and supplies high precision bearing components consisting of balls, rollers, seals, and retainers for leading bearing manufacturers on a global basis. In addition, the Company manufactures a variety of other plastic components. NN, Inc. had sales of US $193 million in 2002.