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Nidec to Acquire Mitsubishi Heavy Industries Machine Tool Co., Ltd.
Nidec to Acquire Mitsubishi Heavy Industries Machine Tool Co., Ltd.
KYOTO, Japan, Feb. 05, 2021 Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company” or “Nidec”) announced today that its Board of Directors has approved a resolution to acquire: the shares of Mitsubishi Heavy Industries Machine Tool Co., Ltd. (“Mitsubishi Heavy Industries Machine Tool”), a company that designs, manufactures, and sells machine tools, cutting tools, and related products, from Mitsubishi Heavy Industries, Ltd. (“Mitsubishi Heavy Industries”); all the Mitsubishi Heavy Industries Group-owned shares of three overseas subsidiaries specialized in machine tool business; and the machine tool business run by nine overseas subsidiaries (the “Stock Acquisition”). Accordingly, Nidec entered into a stock purchase agreement on February 5, 2021 (Japan time).
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Nidec to Acquire Mitsubishi Heavy Industries Machine Tool Co., Ltd.
Nidec CorporationFebruary 4, 2021 GMT
KYOTO, Japan, Feb. 05, 2021 (GLOBE NEWSWIRE) Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company” or “Nidec”) announced today that its Board of Directors has approved a resolution to acquire: the shares of Mitsubishi Heavy Industries Machine Tool Co., Ltd. (“Mitsubishi Heavy Industries Machine Tool”), a company that designs, manufactures, and sells machine tools, cutting tools, and related products, from Mitsubishi Heavy Industries, Ltd. (“Mitsubishi Heavy Industries”); all the Mitsubishi Heavy Industries Group-owned shares of three overseas subsidiaries specialized in machine tool business; and the machine tool business run by nine overseas subsidiaries (the “Stock Acquisition”). Accordingly, Nidec entered into a stock purchase agreement on February 5, 2
Nidec Corporation’s Board of Directors approved a resolution to acquire the shares of Mitsubishi Heavy Industries Machine Tool Co., Ltd. , a company that designs, manufactures, and sells machine tools, cutting tools, and related products. The acquisition of the machine tool business complements Nidec’s existing businesses and strategy. Nidec has.