NN, Inc., a global diversified industrial company, has recently made a significant announcement regarding a major new business win with one of the world’s largest connector and wire harness manufacturers for commercial and passenger vehicles. This win, valued at over $10 million, serves as a testament to NN’s expertise and strength in the automotive electrical market for both internal combustion engine (ICE) and electrical vehicles (EV). The company’s success in securing new business wins is attributed to the integration of global sales and operations teams, as well as a renewed focus on operational efficiencies.
Harold Bevis, NN’s Chief Executive Officer, has expressed his enthusiasm regarding this strategic win and has underscored the company’s aggressive growth strategy in connectors and electrical systems for vehicles. NN’s vertical integration, precision manufacturing capabilities, and low-cost sourcing from China position the company as a potential market leader in the industry. Bevis has also highlighted the company’s new product-application based strategy, which focuses on leveraging its strengths and exploring new opportunities in sectors such as medical and electrical applications.
The components produced by NN for this project, as well as other recent wins in 2023, will be utilised in approximately 20 different electric and hybrid vehicles. Production for this project is set to commence in 2024, and is expected to significantly contribute to the company’s revenue and profit profile.
Since joining NN earlier this year, Bevis has noticed strong momentum in medical components, electrical connectors, and shielding. He has also highlighted that the company’s connector and shielding team is comprised of industry experts, and NN is well-positioned to take advantage of the substantial growth opportunities in the connector and shielding components market, both in North America and globally.
NN, Inc. is a global diversified industrial company with advanced engineering and production capabilities. The company designs and manufactures high-precision components and assemblies for various markets on a global scale, with facilities in North America, Europe, South America, and Asia. For further details about NN, Inc. and its products, please visit www.nninc.com.
In conclusion, NN, Inc.’s recent $10 million business win in the automotive electrical market marks a significant milestone for the company’s growth and expansion. The company’s unwavering commitment to excellence and innovation is evident in its ability to secure key contracts in the industry. With a strong focus on operational efficiencies and a robust product-application based strategy, NN, Inc. is primed for continued success in the global market.
For additional information, please contact:
Tim Peters
Media Contact
+1 773 318 7558
[email protected]
Joseph Caminiti, CFA
Investor Relations Contact
[email protected]
+1 312 445 2864
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