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NN, INC. ANNOUNCES NEW $20 MILLION SHARE REPURCHASE PROGRAM
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Johnson City, Tenn, September 12, 2008– NN, Inc. (Nasdaq: NNBR) today announced that its Board of Directors has authorized a new share repurchase program. The current $25 million share repurchase program was initiated on September 13, 2007 and will expire on September 13, 2008. The Company has purchased approximately $7.6 million worth of its common shares in open market transactions under the existing $25 million program.
The new share repurchase program will be in effect for a period of one year beginning on September 15, 2008, and the amount approved for purchase, from this date until the expiration of the program, will be $20 million worth of shares to be purchased in the open market from time to time in accordance with market regulations.
NN, Inc. manufacturers and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 14 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN, Inc. had sales of US $421 million in 2007. |
