NNBR - NN Inc. Announces $10M New Business Win in Automotive Electrical Wiring | Benzinga
CHARLOTTE, N.C., Dec. 19, 2023 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that manufactures high-precision components and assemblies, today announced a foundational new business win worth more than $10 million with one of the world's largest connector and wire harness manufacturers for commercial and passenger vehicles.
The win underscores NN's strength and expertise in the automotive electrical market for both internal combustion engine (ICE) and electrical vehicles (EV). The company continues to gain traction with new business wins in key markets, resulting from stronger integration of global sales and operations teams, as well as renewed focus on operational efficiencies.
"This is a big strategic win for NN and consistent with revised forward strategy of aggressive growth in connectors and electrical systems for vehicles. Low voltage and high voltage connectors and shielding are integral parts of the vehicle electrical system. We call it ‘connect and protect'. True to our heritage, we are vertically integrated with laser cutting, precision stamping and metrology equipment. Combined with our low-cost sourcing headquartered in China, we have the footprint and cost structure to become a market leader," said Harold Bevis, NN's Chief Executive Officer. "Our new product-application based strategy is rooted in our strengths and leveraging new areas, including medical and electrical applications."
The connector components and connector shielding that NN will produce for this project and other recent wins in 2023 are bound for approximately 20 different electric and hybrid vehicles. This win is an immediate ramp up, with production beginning in 2024, and is additive to the company's revenue and profit profile.
"Since I joined NN earlier this year, we have strong momentum in medical components, electrical connectors ...