JOHNSON CITY, Tenn.—NN Inc. has purchased the SunTrust Bank Building in Johnson City and plans to move its corporate headquarters there soon.
The facility, which spans about 60,000 square feet, provides a new base of operations for the firm's current staff and additional space to accommodate its expected future growth, according to the company.
NN manufacturers and supplies high precision metal bearing components, industrial plastic and rubber products, and precision metal components to a variety of markets.
President and CEO Richard Holder said the firm considered moving to a larger metropolitan area, but decided to remain in the Johnson City area.
“Our most valuable asset is our employees, and we are committed to providing a work environment in which they can meet their work commitments and advance their careers while finding an ideal life balance,” Holder said.
The Tennessee Department of Economic and Community Development offered NN a competitive incentive package that includes a $2 million economic development fund grant based on the impact that NN's investment will have on Washington County, according to NN.
The Washington County Economic Development Council additionally offered $800,000 in property tax credits over 10 years. The Tennessee Valley Authority also offered incentive programs totaling $400,000. The firm said these programs are based on NN creating a certain number of jobs in Johnson City.
“I want to thank NN for choosing to invest in Johnson City and creating these high quality jobs,” Johnson City Mayor Ralph Van Brocklin said. “Our economic development team works hard to create the kind of environment where a business can thrive and continue to grow.”
NN operates 13 manufacturing plants in the U.S., Europe and China with sales of $373 million in 2013.