Posted January 20, 2011
NN to close German plant
NN Inc. announced that it will cease manufacturing operations at its German manufacturing facility, Kugelfertigung Eltmann GmbH.
The operation filed for bankruptcy at the local court on Jan. 20. Eltmann manufactures precision steel balls for industrial and aerospace applications. The company said the closure will not have a negative impact on NN's profitability.
"Economic factors over the last two years coupled with the high cost of manufacturing our products in Germany have eroded the financial status of Eltmann. Unfortunately, we cannot forecast an improvement in the operations of Eltmann to reverse this condition for the foreseeable future," said Roderick R. Baty, chairman and chief executive officer of NN.
Baty added that the company is working closely with customers and suppliers to ensure product supply from other global manufacturing units in Europe, Asia and the U.S.
"We have sufficient capacity in our remaining worldwide facilities to adequately meet the supply requirements of our customers who have been serviced historically from our Eltmann facility," he said.
NN Inc. manufactures and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of end markets on a global basis. Headquartered in Johnson City, Tenn., NN has 12 manufacturing plants in the United States, Western Europe, Eastern Europe and China.
