NNBR - NN to close manufacturing facility in Taunton Massachusetts

NN (NASDAQ:NNBR) will close its manufacturing facility in Taunton, Massachusetts. The decision to close the facility, which is part of NNBR’s Power Solutions group, was made to optimize the company’s Aerospace, Defense and Medical (AD&M) manufacturing footprint and as part of its ongoing efforts to improve profitability and cash flow generation. When the Taunton facility opened, NNBR consolidated its Hingham and Franklin operations into Taunton and closed those facilities. Due to NNBR’s evaluation of strategic alternatives and de-leveraging initiative, culminating with the sale of its Life Sciences business in Oct. 2020, the Taunton facility has been under-utilized. NNBR’s strategic focus is now primarily centered around organic growth opportunities in the electric vehicle and electric infrastructure end-markets. CEO Warren Veltman said the facility closure is expected to be completed by the end of 2022. “Through the first 9 months of 2021, under-utilization of the Taunton facility resulted in an operating loss

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NN to close manufacturing facility in Taunton, Massachusetts