NN Acquires KLF Rolling Elements Business

NN, Inc. (USA) has signed an agreement to purchase the rolling element manufacturing operations of Kinex-KLF (Slovak Republic, a division of HTC Holding a.s.) for USD $1.9 million Kinex-KLF, in Kysucke Nove Mesto, is the largest producer of radial single-row deep groove ball bearings and radial single row cylindrical bearings in the Slovak Republic. Its rolling element manufacturing operations are under the KLF brand while the finished bearings it produces are sold under the Kinex and ZVL brands. NN is a key worldwide supplier of bearing balls and rollers, with manufacturing operations in several countries. The company also produces bearing retainers and seals. 2002 sales were $192 million. In 2002, Kinex was honored with several awards, including, "Best Exporter of the Slovak Republic in 2001." In 2000, Kinex had the largest sales gain of any non-financial company in the Slovak Republic after it acquired the bearing manufacturing operations of ZVL Skalaca a.s. In 2001, Kinex sales grew another 44% when it acquired the former KLF-ZVL a.s.