NN Inc. To Buy Precision Engineered Products For $615 Mln In Cash

(RTTNews) - NN Inc. (NNBR), a diversified industrial company, said that it has entered into a definitive agreement to acquire Precision Engineered Products Holdings Inc. (P.E.P.) for $615 million in cash.

The transaction is expected to be immediately accretive to earnings. The Company anticipates that the transaction will close by the end of October, 2015, subject to customary closing conditions and regulatory approval. NN was advised on the transaction by KeyBanc Capital Markets, Inc.

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. has built a highly respected brand on which customers rely to solve their most difficult problems across diversified end markets. P.E.P.'s net sales for the last twelve months ending June 30, 2015, including acquisitions, were $245.3 million, with approximately $180.0 million coming from the medical and electrical businesses.

NN expects to finance the transaction primarily with available cash and the issuance of debt from new fully committed credit facilities.