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By Reuters Staff 1 Min Read TOKYO, Feb 5 (Reuters) - Japan’s Nidec Corp said it will acquire a unit of Mitsubishi Heavy Industries that makes machine and cutting tools as it bolsters a push in motors for electric vehicles (EV). Nidec will buy the business from Japan’s biggest machinery maker for around 30 billion yen ($284 million) in a deal that will help it improve the gearing technology in its EV motors, according to an earlier report in the Nikkei newspaper. A spokesman for Nidec, which announced the deal on Friday, declined to say how much the deal was worth. The maker of small precision motors used in computer hard drives and other electronic equipment is attempting to capture around a third of a new market for energy-saving electric motor technology known as e-axle or e-drive, which is expected to grow 10 times over the next decade. ....
Nidec to buy back shares as outlook improves and profit, sales top estimates Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/ Jun Seki, president and chief operating officer of Nidec Corp., says the company has attracted 15 new inquiries about its EV motors. | BLOOMBERG Bloomberg Jan 26, 2021 Nidec Corp. has raised its annual outlook and said it will buy back shares after reporting quarterly profit and sales that topped analysts’ estimates, underscoring strong demand for motors by automakers and other companies seeing higher sales due to the pandemic. ....