KYOTO, Japan, Sept. 9, 2015 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company" or "Nidec") announced that Nidec Sankyo Corporation ("Nidec Sankyo"), the Company's subsidiary, completed the acquisition of full ownership of PT. NAGATA OPTO INDONESIA ("NAGATA INDONESIA"), a manufacturer of glass lenses for automotive cameras, from its founding family on September 8, 2015 (the "Transaction"). As a result of the Transaction, NAGATA INDONESIA became a consolidated subsidiary of Nidec as outlined below:
1. Outline of NAGATA INDONESIA
|(1)||Company Name:||PT. NAGATA OPTO INDONESIA|
|(2)||Headquarters:||Bogor, West Java, Indonesia|
|(3)||Foundation:||June 23, 2009|
|(4)||Board of Commissioners:|
|Director (non-executive):||Toshihiro Seki (President of PT. NIDEC SANKYO PRECISION INDONESIA)|
|Director:||Kazuhiro Shimazu (former President of NAGATA INDONESIA)|
|President Director:||Eiji Yanagihara (General Manager of Production Department of NIDEC SANKYO (DONGGUAN) PRECISION CORPORATION)|
|Commissioner (non-executive):||Shinichi Shimizu (Factory Manager of PT. NIDEC SANKYO PRECISION INDONESIA)|
|(5)||Principal Business:||Glass lens processing|
|(6)||Employees:||306 (as of June 30, 2015)|
2. Purpose of Transaction and Future Operation Policy
NAGATA INDONESIA has the strength in glass lenses processing for automotive cameras. In the business of automotive camera lens units, on which Nidec Sankyo places strategic emphasis, the demand for glass lens units used for sensors is expected to increase as such application requires high precision in harsh operational environments. This transaction allows Nidec Sankyo to gain in-house production capabilities of glass lenses, which will enhance profitability of its automotive lens unit business. Furthermore, by meeting growing market demand, Nidec Sankyo intends to accelerate the further growth of the automotive business, one of the Nidec Group's strategic focus areas.
3. Effect on Financial Performance for the Current Fiscal Year
The Transaction is expected to have no significant impact on the Company's consolidated financial performance for the fiscal year ending March 31, 2016. The Company will make additional disclosure on a timely basis in accordance with the rules of the Tokyo Stock Exchange and the New York Stock Exchange upon determination of further details.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the intent, belief, strategy, plans or expectations of the Nidec Group 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 risks to successfully integrating the acquired business with the Nidec Group, the anticipated benefits of the planned transaction not being realized, changes in general economic conditions particularly in the automobile and related product markets, shifts in technology or user preferences for particular technologies,and changes in business and regulatory environments. The Nidec Group does not undertake any obligation to update the forward-looking statements contained herein or the reasons why actual results could differ from those projected in the forward-looking statements except as may be required by law.
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