North Carolina’s newest public company: A primer
Some facts about NN Inc., based on company statements and government filings:
The company was founded in Tennessee in 1980. It is moving its headquarters and 200 jobs to Charlotte in 2018.
CEO Richard Holder has received about $2.3 million in compensation annually over the last two years, including stock options of $1.6 million.
Holder arrived in 2013 after working for Eaton Corp. for the previous 12 years. He also once worked as a key purchasing executive at US Airways, which had its largest hub in Charlotte.
Of the company’s eight senior executives, six have joined the company since 2013.
The company employs more than 4,700 people and operates plants in Brazil, China, Mexico and a couple other foreign countries, in addition to more than 20 U.S. sites.
The company raised $173 million in 2015 by selling shares at $24 per share. The stock closed Friday at $28.25 and has traded between $13 and $43 over the last year.
Five big investment firms own more than 40% of the company’s shares. Management and board members own less than 4%.
Net income peaked at $24 million in 2012; over the last two years, the company has broken even on a cumulative basis.
NN acquired Precision Engineered Products Holdings, Inc. for $615 million in cash in 2015, its largest acquisition. To reduce debt, it sold a precision bearing subsidiary to a Japanese company for $375 million in January.
NN’s Standard & Poor’s credit rating is B+, a noninvestment grade rating. Long-term debt totaled $785 million on Dec. 31, up from $64 million five years earlier.