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Bearings manufacturer NN Inc. (NASDAQ: NNBR), Johnson City, TN, has agreed to sell its Precision Bearing Components Group to Tsubaki Nakashima Co. Ltd. for $375 million.
The sale of PBC furthers NN's long-term strategy to build a diversified industrial business with a comprehensive geographic footprint in attractive high-growth market segments. 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.