Brief: NN Announces Closure Of Manufacturing Facility In Irvine, California

NN

13/10/2022 21:36

Oct 13 (Reuters) - NN Inc  NNBR.O :
    * NN, INC. ANNOUNCES CLOSURE OF MANUFACTURING FACILITY IN
IRVINE,
CALIFORNIA
    * NN INC - IT WILL CLOSE ITS MANUFACTURING FACILITY IN
IRVINE,
CALIFORNIA
    * NN INC - HAS INITIATED A TOTAL OF FIVE PLANT CLOSURES IN
2022
AND EXPECTS TO COMPLETE ALL CLOSURES BY MARCH 2023
    * NN INC - CLOSURE OF IRVINE PLANT WILL AFFECT APPROXIMATELY
55
SALARIED AND HOURLY EMPLOYEES
    * NN INC - EXPECTS TO INCUR COSTS OF ABOUT $1 MILLION FOR
EMPLOYEE
SEVERANCE AND EQUIPMENT RELOCATION RELATED TO CLOSURE
    * NN INC - EXPECTS TO SUBLEASE FACILITY UPON EXIT WHICH MAY
RESULT
IN ADDITIONAL COSTS

Source text for Eikon:  ID:nGNX9Pm2Db 
Further company coverage:  NNBR.O 
 ((Reuters.Briefs@thomsonreuters.com;))