NN announced it completed its previously announced acquisition of Autocam for approximately $245.2 million in cash, $29.8 million in assumed debt and $25 million in stock. In connection with the closing, NN obtained a new $350 million term loan and a $100 million asset-backed revolver underwritten by Bank of America and KeyBank.

The proceeds will be used to pay the cash portion of the purchase price, to repay existing indebtedness and to pay fees and expenses in connection with the transaction.

Additionally, NN announced that John Kennedy, founder and former CEO of Autocam was appointed to serve on NN’s board of directors.

With the completion of the transaction, NN becomes one of the top three global manufacturers of metal bearing and precision metal components with expected pro forma 2014 sales of over $675 million, more than 4,200 employees and 29 operations in the United States, Western Europe, Eastern Europe and China. The anticipated 2014 sales do not include approximately $42 million in expected sales from a 49% Chinese joint venture accounted for under the equity method. Autocam will join NN’s Precision Metal Components Segment forming a new, dedicated Autocam Precision Metal Components segment. The Autocam brand name will continue to be used to leverage its strength and reputation in the marketplace.

Richard Holder, president and CEO of NN, commented, “The sum of the combined strength of NN and Autocam creates a division that is much stronger than the individual parts and provides us with expanded opportunities to drive future growth and bring increased value to our shareholders. We will move forward with a clear focus to achieve a seamless integration that maximizes the many synergies that we have identified between these two great companies.”

Johnson City, TN-headquartered NN manufactures and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. NN has 25 manufacturing plants in the United States, Western Europe, Eastern Europe, Latin America and China.

Autocam is a global provider of engineering, manufacture and assembly of highly complex, system critical components for fuel systems, engines and transmission, power steering and electric motors.