KYOTO, Japan, Oct. 19, 2009 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced that its consolidated subsidiary Nidec Techno Motor Holdings Corporation (NTMC) has agreed with Appliances Components Companies S.p.A. (ACC) to acquire 100% of the shares of Sole Motors, a special purpose vehicle to which the household motor business of ACC is expected to be transferred, and entered into a Quota Purchase Agreement on October 20, 2009.
1. Purpose of Transaction
NTMC plans to bring Sole Motors under its umbrella alongside its
subsidiary Nidec Shibaura's household motor business in order to
leverage Sole Motors' strong market position and customer
relationships in Europe. Amid heightening global awareness of
environmental issues, Nidec expects that the introduction of its
carbon emission-reducing brushless motor technology to Sole
Motors will make possible development of environmentally
friendly, next-generation products that will meet the needs of
various European customers. Through the acquisition, Nidec Group
aims to strengthen and expand its small and mid-sized motor
business.
2. Sole Motors
(1) Company Name: Sole Motors
(2) Headquarters: Pordenone, Italy
(3) Facilities: Italy, Hungary
(4) Business Description: Household motor
(washing machine, dryer, dish washer)
manufacturing, development and sales
(5) Employees: 1,181
(6) Recent Financial Information
(Unaudited pro forma basis for fiscal year ending in December)
(Million Euro)
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2006 2007 2008
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Net sales 210.9 199.2 190.1
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(7) Description of Appliances Components Companies S.p.A.
Headquarters: Pordenone, Italy
Established: April 2002
Business Description: Household Compressor Manufacturing,
Development and Sales
Household Motor
Manufacturing, Development and Sales
Industrial Motor Manufacturing,
Development and Sales
Main Products: Household and Commercial Refrigeration
Compressors
Washing machine, dryer and dishwasher
electric motors
Facilities: Europe: Italy, Hungary, Germany,
Austria, Spain
Asia: China
3. Transaction Structure
NTMC will acquire 100% of the shares of Sole Motors from ACC.
Since the household motor business of ACC subject to the
transaction is currently conducted by ACC and ACC Hungary, prior
to the transaction, ACC is expected to transfer its household
motor business into a special purpose vehicle named Sole Motors.
It is also expected that 100% of the shares of ACC Hungary will
be transferred to ACC, which will then transfer the shares to
Sole Motors, prior to the transfer of the household motor
business to Sole Motors to NTMC or, alternatively, Sole Motors
will directly acquire 100% of the shares of ACC Hungary.
4. Schedule
The closing of the transaction is expected to occur on or prior
to December 31, 2009.
5. Effect on Financial Performance for the Current Fiscal Year
We will evaluate the accounting impact of the transaction on our
financial performance for this fiscal year to be released
publicly in Japan pursuant to the rules of the Tokyo Stock
Exchange and announce changes to our forecasts as required
thereunder.
The Nidec Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1734
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the intent, belief, strategy, plans or current expectations of Nidec or other parties. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, the anticipated benefits of the potential transaction not being realized, shifts in technology, and changes in economic environments. Nidec does not undertake any obligation to update the forward-looking statements contained herein, nor to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.