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TheStreet Open House

Nidec Sankyo Completes Acquisition Of Majority Interest In SCD Co., Ltd., South Korea

Stocks in this article: NJ

KYOTO, Japan, Oct. 2, 2012 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced that Nidec Sankyo Corporation ("Sankyo"), one of its subsidiary companies, has completed the acquisition of a 51.42% ownership interest in SCD Co., Ltd. (the "Acquired Business" or "SCD"), a South Korean motor and motor drive unit ("MDU") manufacturer, on October 2, 2012. As a result, the Acquired Business became a subsidiary of Sankyo, as outlined below.

1. Outline of the Acquired Business

A. Company Name
  SCD Co., Ltd.
B.   Capital Structure
  Sankyo holds a 51.42% ownership interest in SCD and, as a result, SCD became a subsidiary of Sankyo.
C.   Outline of SCD
   (1) Directors:
     
  Chairman of the Board of Directors: Yoshihiko Nakajima (President, MDU Business, Sankyo)
  Director and Chief Executive Officer: Gil ho, Oh
  Director and Chief Operating Officer: Seong man, Lim (Executive Vice President, Nidec Sankyo Korea Corporation)
  Director and Chief Financial Officer: Young soo, Cho
  Director: Kazutake Akiba (Member of The Board Senior Vice President, Sankyo) 
  [Outside] Director: Chang wook, Han
  [Outside] Director: Tae soo, Lee
  Auditor Hyoung kyun, Na
     
  (2) Address: 31-6 Buk-ri, Namsa-myeon, Cheoin-gu, Youngin, Gyeonggi, South Korea
  (3) Principal Businesses: Development, manufacturing and sale of motor drive units for refrigerators and motors for air conditioners
  (4) Employees: 341

2. Future Operation Policy and Investment Plan

SCD mainly develops, manufactures and sells motor drive units for refrigerators and motors for air conditioners, and has strong business relations with South Korean home appliance manufacturers whose presence has been growing in emerging economies. Sankyo develops, manufactures and sells a wide range of motor drive units for home appliances and housing and facility equipment as part of its MDU business, whose primary strength is its rich product line-up consisting mostly of high-end models. Sankyo's main customers are in Japan, Europe, the United States, China and ASEAN countries, while Sankyo's access to South Korean home appliance manufacturers has been limited.

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