NN sells manufacturing assets in Tempe, Ariz. to new owner, rather than move some work to OhioBy AP
Thursday, September 9, 2010
Manufacturer NN sells Tempe, Ariz. assets
JOHNSON CITY, Tenn. — Metal components manufacturer NN Inc. said it has sold some of its manufacturing assets in Tempe, Ariz. to newly-formed Triumph Manufacturing LLC.
NN had previously planned to close the Tempe facility and move most production to two facilities in Wellington, Ohio. But on Thursday it said Triumph would take over the work in Tempe and employ many of the workers there.
The company, based in Johnson City, Tenn., had expected cash charges of about $2.5 million from shutting down the facility. Because it has now been sold, it said on Wednesday that it now expects total cash charges of about $2 million.
NN has 11 manufacturing plants in the U.S., Europe, and China. It said it is not affiliated with Triumph. NN shares fell 4 cents to $8.53 in afternoon trading Thursday.
Tags: Arizona, Johnson City, Materials, North America, Ownership Changes, Tennessee, United States