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TheStreet Open House

Nidec Completes Acquisition Of Shares In Nidec Jiangsu Kaiyu Auto Electric (Jiangsu) Co., Ltd. In China

KYOTO, Japan, Dec. 28, 2012 (GLOBE NEWSWIRE) -- Following the previous announcement on June 20, 2012 captioned "Nidec to Acquire Shares in Jiangsu Kaiyu Auto Appliance in China," Nidec Corporation (NYSE:NJ) (the "Company") today announced that it completed the acquisition of shares representing a 51% ownership interest in Nidec Jiangsu Kaiyu Auto Electric (Jiangsu) Co., Ltd. (renamed from "Jiangsu Kaiyu Auto Appliance Co., Ltd." on July 30, 2012) ("Nidec Kaiyu"), privately issued to the Company in a capital increase transaction ("Transaction").

1. Information on Nidec Kaiyu

   
(1) Company Name: Nidec Jiangsu Kaiyu Auto Electric (Jiangsu) Co., Ltd.
(2) Headquarters: Changzhou City, Jiangsu Province, China
(3) Representative: Kenji Sawamura, Chairman of the Board of Directors
(4) Principal Businesses:  Development, manufacturing and sale of brush motors
  for EPS  systems and automotive fans
(5) Total Equity: 16.33 million yuan (following the Transaction)
(6) Establishment: September 2012 (approval for establishment of
  foreign-invested enterprise in the PRC)
(7) Shareholders / Ownership: Nidec Corporation: 51%
  Jiangsu Luokai Mechanical and Electrical
  Manufacturing Group Co., Ltd.: 24.99%
  Caohai Wang (General Manager): 15.68%
  Other management members: 8.33%
(8) Principal Place of Business: China (Changzhou, Wuhan and Chongqing)
(9) Employees: 331
(10) Sales in Previous Fiscal Year: 94 million yuan (unaudited pro forma consolidated
  sales for the year ended December 31, 2011)
(11) Directors:  
Chairman of the Board of Directors and Representative: Kenji Sawamura
 Deputy Chairman of the Board of Directors: Xing Tang
 Director and General Manager: Chaohai Wang
 Director and Deputy General Manager: Niho Hirai
 Director: Kazuya Hayafune
 Director: Teruyuki Kai
 Director: Gaofeng Qiu

 

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