NN, Inc. Announces Extension of Successful 20-Year Joint Venture with Weifu in China

NN, Inc. and Weifu's joint venture in China is officially extended for continued operations and growth in the automotive sector.

Quiver AI Summary

NN, Inc. has announced the approval from the Chinese government to extend its 20-year Joint Venture (JV) with Weifu in Wuxi, China, which is a significant player in the automotive market. CEO Harold Bevis expressed pride in the partnership, highlighting its consistent growth and the JV's importance in supplying high-performance components to major original equipment manufacturers (OEMs) in China. With annual sales of approximately $130 million, the JV is crucial to the automotive industry, supported by NN's broader $200 million presence in the region across three businesses. The Wuxi Weifu Autocam facility, currently expanding due to increased demand, employs over 550 workers. NN, headquartered in North Carolina, continues to leverage its advanced engineering capabilities in various global markets.

Potential Positives

Approval from the Chinese government to continue the Joint Venture indicates strong regulatory support and confidence in the partnership's success.
The Joint Venture has achieved approximately $130 million USD in annual sales, highlighting its financial viability and contribution to NN's growth.
NN's presence in China, with over $200 million in profitable sales across its three businesses, underscores its significant role in the world's largest automotive market.
The expansion of the Joint Venture and its current workforce of over 550 employees reflect ongoing growth and increased demand for its high-end automotive parts.

Potential Negatives

NN, Inc. holds only a 49% ownership stake in the joint venture, which could limit its control over business decisions and strategic direction compared to Weifu's majority ownership.
While the press release mentions successful growth, it does not provide specific information on how the company plans to address potential challenges or risks associated with the China automotive market, such as regulatory changes or increased competition.
The reliance on a single geographic market (China) for a significant portion of profitable sales (over $200 million) poses a risk if there are economic downturns or shifts in the market conditions in that region.

FAQ

What is the purpose of NN's joint venture in China?

The joint venture focuses on manufacturing high-precision automotive components to support the local market and exports.

How long has the joint venture between NN, Inc. and Weifu been active?

The joint venture has successfully operated for 20 years, recently receiving approval for continuation.

What are the sales figures for Wuxi Weifu Autocam?

Wuxi Weifu Autocam generates approximately $130 million in sales annually within the automotive market.

Who manages the joint venture operations in China?

Paul Wang, NN's President of APAC operations, serves as the General Manager of the joint venture.

What is the ownership structure of the joint venture?

The joint venture is 51% owned by Weifu and 49% owned by NN, Inc.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$NNBR Insider Trading Activity

$NNBR insiders have traded $NNBR stock on the open market 8 times in the past 6 months. Of those trades, 8 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $NNBR stock by insiders over the last 6 months:

HAROLD C BEVIS (President and CEO) has made 4 purchases buying 50,000 shares for an estimated $108,686 and 0 sales.
TIMOTHY M. FRENCH (Chief Operating Officer) has made 2 purchases buying 50,000 shares for an estimated $104,262 and 0 sales.
RAJEEV GAUTAM purchased 10,000 shares for an estimated $22,220
JERI J HARMAN purchased 10,288 shares for an estimated $20,576

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$NNBR Hedge Fund Activity

We have seen 35 institutional investors add shares of $NNBR stock to their portfolio, and 55 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

BLACKROCK, INC. removed 2,422,657 shares (-76.7%) from their portfolio in Q2 2025, for an estimated $5,087,579
NANTAHALA CAPITAL MANAGEMENT, LLC added 1,000,000 shares (+69.4%) to their portfolio in Q2 2025, for an estimated $2,100,000
FIRST MANHATTAN CO. LLC. added 575,000 shares (+29.9%) to their portfolio in Q2 2025, for an estimated $1,207,500
GEODE CAPITAL MANAGEMENT, LLC removed 565,411 shares (-50.3%) from their portfolio in Q2 2025, for an estimated $1,187,363
KENNEDY CAPITAL MANAGEMENT LLC removed 488,295 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $1,025,419
UBS GROUP AG removed 401,442 shares (-99.5%) from their portfolio in Q2 2025, for an estimated $843,028
MILLENNIUM MANAGEMENT LLC added 364,017 shares (+inf%) to their portfolio in Q2 2025, for an estimated $764,435

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

NN Proudly Extends its Successful China Joint Venture

Wuxi Weifu Autocam team celebrates 20 year anniversary of the JV partnership

CHARLOTTE, N.C., Sept. 18, 2025 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, has announced that the Chinese government has approved the application for the continuation of its Joint Venture (“JV”) in Wuxi, China. This formal approval now extends the successful 20-year partnership between NN, Inc. and Weifu, a Chinese publicly traded company, on an ongoing basis.

Harold Bevis, Chief Executive Officer of NN, Inc. stated, "We are very proud of the JV, and together with our partner Weifu we have been able to strategically grow this business consistently over the 20-year partnership. The team is strong, growing and delivers high-level performance. The products of the JV are critical to vehicle performance and highly valued by our customers and local automotive OEMs. The China auto industry is a standout on the global stage and we are happy to play a key role in this attractive growth market through both our JV and our wholly-owned businesses. NN has more than $200 million of profitable sales across its three China businesses, which is our largest global automotive market. We look forward to many years of continued success and value creation in our China operations."

Known in the China automotive market as Wuxi Weifu Autocam, the JV business has demonstrated consistent growth, now delivering sales of approximately $130 million USD per year. The business supplies high-end parts to the China automotive market for both indigenous consumption and for key export markets. China is the largest auto market in the world at about 29 million passenger vehicles per year, compared to the US auto market of about 16 million cars per year. The Joint Venture Is a key supplier to all major OEMs in China, including BYD.

The business is currently going through an expansion, having won additional business and has recently outgrown its current building footprint, which employs over 550 people across 3 shifts.

Paul Wang, NN’s President of APAC operations serves as the General Manager of the Joint Venture, reporting to Harold Bevis, CEO of NN. Harold Bevis and NN’s Chief Operating Officer, Tim French, both serve on the Board of Directors of the Joint Venture company. The business is 51% owned by Weifu, and 49% owned by NN, Inc. NN also has a wholly-owned machined parts business in Wuxi, China and a wholly-owned stamped parts business in Foshan, China. Together, these three businesses serve the automotive, industrial and medical markets, deliver $200+ million in profitable sales, and employ over 1,200 employees.

Wuxi Weifu Autocam facility

About NN, Inc.
NN, Inc., a global 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 facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com .

Investor Relations:
Joe Caminiti or Stephen Poe, Investors
[email protected]
312-445-2870

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/66dba094-613d-44fd-b1aa-3115bcb324bb

https://www.globenewswire.com/NewsRoom/AttachmentNg/47961dfc-a3a1-416a-8bd2-61b321ed713a