Regulatory News:
Groupe PSA (Paris:UG) and Nidec Corporation (the “Nidec”),
through Nidec Leroy-Somer Holding (the“Nidec Leroy-Somer”), intend
to work together in the field of electric traction motor. For this
purpose, Nidec Leroy-Somer and Groupe PSA entered into a joint
venture agreement on December 4, 2017. Closing of such transaction
remains subject to antitrust clearance and employee representative
consultation. Groupe PSA makes the strategic choice to anchor in
France the design and production of the main components of the
electric traction powertrain.
Nidec Leroy-Somer and Groupe PSA have acknowledged the strategic
importance of traction motor in coming electrification age and
agreed mutual cooperation for developing state of the art
high-performance and competitive electric traction motor range for
electrified vehicles (Mild-hybrid (MHEV), Electric Vehicles (“EV”)
and Plug-in Hybrid (“PHEV”) to meet the needs of Groupe PSA and
other OEMs.
The aim of the partnership is to design, develop, manufacture
and sell a range of efficient electric traction machines. The joint
venture will then engage R&D, manufacturing and sales for
high-performance electric traction motor mainly to Groupe PSA, and
to other OEMs, by combining PSA’s automotive OEM strengths and
Nidec Leroy-Somer’s leading expertise of motor and related
electrical equipment.
1. Purpose and Background of the Transaction
As an anticipation of energy transition towards a cleaner
mobility, electrification is the key to both solving global warming
and controlling air quality with a well to wheel approach. Given
the above trend, OEMs are accelerating their shift towards
electrified vehicle technologies. Along with this trend,
electrification of automobiles has been expanding and the market of
electric motor for automotive is foreseen to double its size to JPY
6 trillion (€ 45 billion) in 2030. Nidec has been also active in
this trend and developing products with its superior motor
expertise.
Nidec has been actively developing a new growth platform with
particular focus on automotive business. In its midterm strategic
goal Vision 2020 it has targeted to achieve JPY 700 billion to 1
trillion (€ 5,4 to 7,6 billion) of sales in automotive sector in
2020.
Nidec Leroy-Somer, acquired by Nidec on February 2017, is the
leading electric motor company in France serving all industry
sector and renowned for its high quality products providing the
best value to customers.
Groupe PSA, which is a European champion with the second
position on the European market, has been actively accelerating its
shift to electrified vehicles (MHEV, PHEV, EV). As part of the
energy transition process and in line with the technological
offensive spelled out in its “Push to Pass” strategic plan, Groupe
PSA is focused on diversifying its technological offering with
plug-in hybrid petrol engines and next-generation electric
powertrains.
2. Information on the joint venture:
Foundation: 1er quarter 2018, subject to closing
Headquarters: Carrières sous Poissy, Paris region, France
R&D facilities: Carrières sous Poissy, Paris region,
France
Production facilities: Trémery, Metz region, France
Shareholders: 50% Nidec Leroy-Somer Holding /50% Groupe PSA
Investment: € 220 Million
3. Effect on Financial Performance for the Current
Fiscal Year
The Transaction is expected to have no significant impact on
Nidec’s consolidated financial performance for the fiscal year
ending March 31, 2018. Nidec will make additional disclosure on a
timely basis in accordance with the rules of the Tokyo Stock
Exchange upon determination of further details.
About Groupe PSA
The Groupe PSA designs unique automotive experiences and
delivers mobility solutions to meet all client expectations. The
Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall,
as well as a wide array of mobility and smart services under its
Free2Move brand, aiming to become a great carmaker and the
preferred mobility provider. It is an early innovator in the field
of autonomous and connected cars. It is also involved in financing
activities through Banque PSA Finance and in automotive equipment
via Faurecia. Find out more at groupe-psa.com/en.
Media library: medialibrary.groupe-psa.com / @GroupePSA
About Nidec Corporation
Nidec is the World’s No.1 manufacturer of
small precision motors.
And with aiming to be the World’s No.1 Comprehensive
Motor manufacturer,
Nidec is creating the next generation of driving
technology to meet the needs of society,
for “Everything that spins and moves”
Cautionary Statement Concerning Forward-Looking
Information
This press release contains forward-looking statements regarding
the intent, belief, strategy, plans or expectations of the Nidec
Group or other parties. 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, the risks to successfully
integrating the acquired business with the Nidec Group, the
anticipated benefits of the planned transaction not being realized,
changes in general economic conditions, shifts in technology or
user preferences for particular technologies, whether and when
required regulatory approvals are obtained, other risks relating to
the successful consummation of the planned transaction, and changes
in business and regulatory environments. The Nidec Group does not
undertake any obligation to update the forward-looking statements
contained herein or the reasons why actual results could differ
from those projected in the forward-looking statements except as
may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171204005366/en/
Media contact:Groupe PSALaure de Servigny, + 33
6 6 70 18 88 75laure.deservigny@mpsa.com
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