NN Buys 79.2% Of RFK Valjcici Konjic

(RTTNews) - NN, Inc. (NNBR) said Wednesday that it has acquired 79.2% of the outstanding shares of RFK Valjcici Konjic, a manufacturer of tapered roller bearings with operations in Konjic, Bosnia & Herzegovina.

RFK, a listed company on the Sarajevo Stock Exchange, is expected to have sales of about $12.0 million in 2014. RFK currently exports all of its products, predominately to customers serving the European truck, industrial vehicle and railway markets. NN will continue operations at the existing facilities in Bosnia and will roll up the operations under its NN Metal Bearing Components Group.

RFK's products, while complementary to NN's existing roller bearing products, will broaden the company's product offering and allow penetration into adjacent markets. NN expects to acquire the remaining shares of RFK in the near future.

Financial terms of the deal were not disclosed.