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KYOTO, Japan, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") announced today that it has resolved at a meeting of the Board of Directors held on January 24, 2013 to repurchase its own shares in accordance with the Articles of Incorporation pursuant to Article 459, Paragraph 1, Item 1 of the Companies Act of Japan.
Reason for Share Repurchase
This resolution is intended to ensure agile capital management highly responsive to the changing business environment.
Details of Authorized Share Repurchase Plan
Class of shares: Common stock
Total number of shares to be repurchased: Up to 3,000,000 shares
(2.21% of total number of shares issued, excluding treasury stock)
Total repurchase amount: Up to 20 billion yen
Period of repurchase: From January 25, 2013 through January 24, 2014
Total number of shares issued and treasury shares as of January 24, 2013:
Total number of shares issued (excluding treasury stock): 135,768,464 shares
Treasury stock: 9,306,616 shares
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the Company's current intent, plans, expectations and estimates. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, available funds, future alternative uses for cash, future competing investment opportunities, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.