KYOTO, Japan (Aug. 3, 2015) – Nidec Corporation announced that Nidec Motor (Qingdao) Corporation (NMQC), its subsidiary company, completed the acquisition of the switched reluctance (SR) motor and drive business of China Tex Mechanical & Electrical Engineering Ltd (China Tex MEE) on July 31 and established a new company incorporating the acquired business.
The new company will be called Nidec (Beijing) Drive Technologies Co., Ltd. and will be headed by Chairman of the Board of Directors Rich Heppe; Director, Legal Representative and General Manager Guang Feng; and Directors Chao Gao, Bob Elliot and Xueli Lu. The company will be headquartered in Beijing, China, and will have approximately 88 employees.
Through this Transaction, Nidec Group gained a leading position in the market for SR motors and drives in China, which is a critical element of Nidec's global SR motor and drive business strategy. The combination of China Tex MEE's outstanding presence in the Chinese market and Nidec's SR technology enables Nidec Group to further accelerate its SR motor and drive business under the framework of its strategic regional management encompassing Americas, Europe and Asia.
This transaction also allows Nidec to start manufacturing and developing SR motors and drives in China, which is a significant step forward in enhancing Nidec's presence in the industrial solution products market.
The company intends to make appropriate disclosure of the impact of the transaction described herein on the company's consolidated financial performance for the current fiscal year and announce any changes to its financial performance forecasts in accordance with the applicable rules of the Tokyo Stock Exchange and the New York Stock Exchange once such details are determined.