JOHNSON CITY, TN (WJHL) – Johnson City-based NN, Inc., has sold a portion of its business, including facilities in Erwin and Mountain City, to Tsubaki Nakashima Co., Ltd. in a more than $300 million transaction.
The sell of NN’s Precision Bearing Components Group, announced Monday morning, is expected to close in the second half of 2017, according to a news release from the company. Tsubaki reportedly paid $375 million cash in the transaction.
In an email, Mitch Miller, CEO of the Northeast Tennessee Regional Economic Partnership, confirmed Tsubaki will occupy/operate NN’s plants in Erwin and Mountain City. Miller also said that the Tsubaki North American headquarters will be co-located alongside NN’s corporate headquarters.
Miller was hopeful of the future with Monday’s announcement.
“With the sell of the PBC group, NN will look to continue to invest in other divisions such as aerospace, medical and engineering,” Miller said in the email. “NN Inc. has been a great corporate citizen here in our region and we look forward to continued growth of their corporate headquarters in Johnson City.