NN, Inc. Withdraws Full-Year 2020 Financial Guidance Due to COVID-19 Impact

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[{"type":"text","content":"CHARLOTTE, N.C., April 6, 2020 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today announced that due to heightened macroeconomic uncertainty as a result of the COVID-19 outbreak, the Company is withdrawing full-year 2020 financial guidance, previously issued on March 12, 2020, as the relative stability in the North American and European markets on that date has now deteriorated and continues to rapidly change. NN is maintaining its previously announced Q1 guidance with current forecasts indicating results to be at the low end of the range.\n\"The effects of COVID-19 on the global economy are evolving at a rapid pace and we are currently unable to predict the duration of the situation nor the full impact on our business,\" said Warren Veltman, President and Chief Executive Officer. \"Given this uncertainty, we are withdrawing our full-year guidance for 2020. Our focus remains on securing the health of our employees, mitigating any supply chain disruption, and striving to meet our customers' volume requirements.\" \nTom DeByle, Senior Vice President and Chief Financial Officer, said, \"Our Life Sciences and Power Solutions facilities operated normally through the majority of the first quarter despite the current environment and most of the Mobile Solutions facilities are currently serving demand from select customers that have been deemed essential manufacturers.\"\nIn light of the uncertainty due to COVID-19, NN drew down $60M under its credit facility to strengthen its near-term cash position. The Company remains committed to reducing overall leverage and identifying additional avenues for increasing its financial flexibility and liquidity. NN's previously disclosed strategic review remains ongoing.\nAbout NN, Inc.NN, Inc., a diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 50 facilities in North America, Europe, South America and China.\nExcept for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or stateme...

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