Member of the Board: Kenichi Wakabayashi
Member of the Board: Jeffrey S. Williams
Member of the Board: Katsuhide Yabe
Member of the Board: Katsunori Nakamura
2. Purpose of the Stock Acquisition and Management Policies Going Forward
The acquisition of machine tool business achieves a mutual complement with our existing businesses. Synergies are expected particularly in the machinery business, element technology development, manufacturing, sales, and other areas of our group’s businesses.
Mitsubishi Heavy Industries Machine Tool started its business in 1936 for manufacturing of lathe in Hiroshima, Japan. Since then, Mitsubishi Heavy Industries Machine Tool has been a group company of Mitsubishi Heavy Industries and has grown its business, while supporting Japanese manufacturing for many years. Mitsubishi Heavy Industries Machine Tool, which designs, manufactures and sells machine tools, cutting tools and related products and provides after-sales services for the products, owns
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