Nidec to Acquire ANA IMEP S.A., a Romanian Appliance Motor Manufacturer
April 21 2016 - 8:50PM
Nidec Corporation (NYSE:NJ) (the “Company” or “Nidec”) today
announced that it agreed to acquire approximately 94.8% of the
shares of ANA IMEP S.A. (“IMEP”) from its major shareholder (the
“Transaction”). For this purpose, Nidec entered into a share
purchase and transfer agreement with the major shareholder of IMEP
on April 21, 2016 (local time in Romania).
1. Purpose and
background of the TransactionNidec aims to achieve sales
of 2 trillion yen, operating margin ratio above 15% and return on
equity (ROE) above 18% in FY 2020 through organic growth and
acquisitions under its mid-term growth strategy. The Company is
actively moving forward with the development of new growth
platforms with particular emphasis on automotive, appliance,
commercial and industrial motors and solutions. Under such
strategy, Nidec recognizes the importance of building up a cost
efficient and high-profitability structure through the optimization
of production globally.
Through the Transaction, the Company expects to
enhance the competitiveness of its appliance motor business in the
European market and obtain IMEP’s major customers.
In addition, the Company intends to build up a
major manufacturing base in an emerging EU market for its
Appliance, Commercial and Industrial Motors business (“ACIM”). With
the expansion of ACIM globally, it is essential to expand its
production capacity in Europe, especially in a cost-efficient
country. The location of IMEP is suitable as a manufacturing base,
because Romania is a cost-efficient country with qualified labor
force. The Company intends not only to utilize IMEP’s sizable
premises and facilities, including a manufacturing factory for the
appliance business but also newly make investments and enhance its
production capacity for the commercial and industrial business so
that the Company can establish an optimal production structure
globally.
Furthermore, in the future, the Company intends to
build up IMEP not only as its production base but also as an
engineering center and a shared-service center (call center,
accounting, procurement, marketing, etc.) of ACIM.
2. Information on IMEP
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(1 |
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Company
Name: |
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ANA IMEP
S.A. |
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(2 |
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Outline
of IMEP: |
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(a)
Headquarters: |
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Pitesti,
Romania(Land area: 155k sq m, Building area: 45k sq m) |
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(b)Foundation: |
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1967 |
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(c)
Principal Business: |
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Development, manufacturing and sales of washing machine and drying
machine motors |
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(d)
Employees: |
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288 (as of
December 31, 2015) |
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(e)
Subsidiary: |
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ANA MEP SDV
S.A. (Manufacturing and sales of molds for automobile components
and plastic cases) |
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(f)
Sales: |
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€14.8
million (Fiscal year ended December 31, 2015) |
3. Information on
Transaction
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(1 |
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Consideration |
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Cash |
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Payment and Funding |
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Cash on hand |
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(3 |
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Transaction Structure |
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Nidec Europe B.V. will acquire
approximately 94.8% of the shares of IMEP from its major
shareholder. |
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(4 |
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Schedule (Plan) |
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Closing of the Transaction:
To be completed between late May to early June 2016 |
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4. Effect on Financial
Performance for the Current Fiscal Year
Nidec intends to make appropriate disclosure of the
impact of the Transaction described herein on its consolidated
financial performance for the current fiscal year and announce any
changes to its financial performance in accordance with the
applicable rules of the Tokyo Stock Exchange and the New York Stock
Exchange once such details are determined.
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.
Contact:
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com
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