NN, Inc. gets Chinese government approval to continue joint venture in Wuxi

NN has announced that the Chinese government has approved the application for the continuation of its joint venture in Wuxi, China. This formal approval now extends the successful 20-year partnership between NN, Inc. (NNBR) and Weifu, a Chinese publicly traded company, on an ongoing basis. Known in the China automotive market as Wuxi Weifu Autocam, the JV business has demonstrated consistent growth, now delivering sales of approximately $130M per year. The business supplies parts to the China automotive market for both indigenous consumption and for export markets. 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 three shifts.