Johnson City's NN, Inc. selling bearing division for $375M

In a deal that will close in the second half of this year, Johnson City-based NN, Inc. is selling its precision bearing components group to a Japanese company for $375 million. An issued company report says the deal with Tsubaki Nakashima was the right strategic fit for the company and its employees which help operate existing plants in Erwin and Mountain City. NN President and CEO Richard Holder said in the statement that the sale will provide the company with capital for a strategic expansion into the "higher-growth, medical and aerospace end markets." The company has 40 plants located in the U.S., Europe and China, according to data supplied by NN.