CHICAGO, Oct. 6, 2020 /PRNewswire/ -- MW Industries, Inc., a leading provider of highly engineered springs, specialty fasteners, bellows, specialized precision wire forms, metal stampings, tubular components and other precision components, announced today that affiliates of American Securities LLC have completed the transaction to acquire NN, Inc.'s Life Sciences division. The Life Sciences division will be combined with MW Industries, a portfolio company of American Securities.
Life Sciences will be operated and financed separately from MW Industries. Life Sciences and MW's existing medical division (Marox, Economy Spring & Stamping, and LaVezzi Precision) demonstrate complementary, but distinct, manufacturing capabilities and offer different product portfolios.
Under the terms of the transaction, NN, Inc.'s Life Sciences division was purchased for $825 million, including $755 million (subject to customary adjustments) in cash payable at closing of the transaction and an additional $70 million earnout payable in cash based on the 2022 performance of the Life Sciences division.
About MW Industries
MW Industries, Inc. is the world's leading manufacturer of highly engineered industrial springs, fasteners, bellows, and related metal components. With manufacturing locations throughout the United States, MW Industries designs and creates products for a variety of industries, including medical, aerospace, energy, and automotive. Our products can be encountered in many everyday applications, such as driving a car, flying in a plane, using electronics, or shopping at a grocery store. Through decades of growth, innovation, and dedication, MW Industries has proven to be a world-class supplier of custom springs, fasteners, and precision metal components.
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SOURCE MW Industries, Inc.