(Update) Nidec to Acquire OMRON Automotive Electronics Co. Ltd.
KYOTO, Japan, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) (the “Company” or “Nidec”) previously announced a plan to acquire OMRON Automotive Electronics Co. Ltd. (“OMRON Automotive Electronics”) from OMRON Corporation (“OMRON”) (the “Stock Acquisition”) on April 16, 2019 (Japan time) in accordance with a stock purchase agreement entered into by the Company and OMRON. Of the businesses Nidec initially planned to acquire, the acquisition of the automotive electronics components businesses of PT. OMRON MANUFACTURING OF INDONESIA and OMRON VIETNAM CO., LTD. (“Target Overseas Businesses”) is expected to complete by the end of June 2020, although the profits and risks associated with the Target Overseas Businesses will be transferred to Nidec at the same time as the Stock Acquisition which is to be executed on October 31, 2019. Nidec decided not to acquire the business from OMRON HONG KONG LTD.
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 Transaction not being realized, changes in general economic conditions, shifts in technology or user preferences for particular technologies 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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| Masahiro Nagayasu General Manager Investor Relations |
