Boston, MA 09/11/2014 (wallstreetpr) – NN, Inc. (NASDAQ:NNBR) announced two senior level management appointments. The company further offered a brief update about its dream after the acquisition of Autocam. The new appointees have wide experience and expertise in the areas of their appointment.
The $492 million company unveiled J.R. Widders as its Senior Vice President of Corporate Integration and Transformation. Warren Veltman was tapped for the position of Senior Vice President and General Manager of Autocam Precision Components Group.
NN, Inc. (NASDAQ:NNBR)’s President and Chief Executive Officer, Richard Holder, said that their strategy is to grow the business through strategic acquisitions and also by having the right talents in the right places within the company. He said that explains why they are dedicating their resources to ensure that they have the leadership that they need to support their growth agenda.
New SVP position created
The company created the position of Senior Vice President of Corporate Integration and Transformation to support the integration of their present and future acquisition so that they realize the identified synergies. The CEO, Holder, said that Widders will lead a team of dedicated integration specialists as the holder of the newly created SVP position. The team will work with the acquired companies in areas such as incorporation of goals and objectives and alignment of operational processes.
NN, Inc. (NASDAQ:NNBR) renamed its segment that was previously known as Precision Metal Components as Autocam Precision Components Group and that is where Veltman has been tapped to serve. Veltman joined the company from Autocam where he was the Chief Financial Officer. His extensive experience with Autocam is expected to support the agenda of the renamed unit for the overall success of the company.
Acquisition of Autocam
NN, Inc. (NASDAQ:NNBR) acquired Autocam Corporation in a cash-and-stock transaction that also included the assumption of debt. The company paid about $245.2 million in cash and $25 million in stock, and it assumed a debt of $29.8 million. Autocam is a leader in the manufacture of complex components for fuel systems and other applications.
