NN Inc. to buy Precision Engineered Products
NN Inc.has entered into a definitive agreement to acquire Precision Engineered Products Holdings Inc. for $615 million in cash.
The transaction is expected to close by the end of October, subject to customary closing conditions and regulatory approval.
P.E.P. is a global manufacturer of highly engineered precision customized solutions serving the medical, electrical, transportation and aerospace end markets. P.E.P.'s net sales for the last 12 months, including acquisitions, were $245.3 million, with approximately $180.0 million coming from the medical and electrical businesses.
"The addition of the P.E.P. business into our portfolio is a transformative step in creating a diversified industrial company that serves a variety of end markets and delivers consistent results through the economic cycle. P.E.P. strengthens our technical capabilities and provides us with additional dynamic platforms to support outgrowth of our end markets," said Richard Holder, president and CEO of NN Inc.
NN expects to finance the transaction primarily with available cash and the issuance of debt from new fully committed credit facilities.
INDUSTRIAL SUPPLY MAGAZINE
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