Nidec Completes the Purchase of Stake in OKK Corporation via Third-Party Share Allocation
KYOTO, Japan, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company” or “Nidec”) announced today that, based on the resolution made in a meeting of its Board of Directors held on November 18, 2021 (Japan time), the Company has completed the purchase of the shares of OKK Corporation (“OKK”) through a third-party allocation of common shares (the “Share Purchase”) by paying their total issue value of 5,478,950,247 yen today (February 1, 2022). For more details and other information regarding the Share Purchase, please see our press release, “Nidec to Execute a Capital Alliance Agreement to Purchase Stake in OKK Corporation via Third-party Share Allocation,” dated November 18, 2021.
- Outline of OKK in relation to the Third-party Allocation of Shares
Company Name: OKK Corporation
Headquarter: 8-10-1, Kita-Itami, Itami, Hyogo, Japan
Foundation: October 1915
Capital: JPY6,283,076,312
Director: Yoshihide Morimoto, Representative Director and President (with positions remaining unchanged after the Share Purchase)
Production Bases: Japan (Hyogo prefecture) and Thailand
Principal Businesses: Design, manufacture, sales of machine tools, and provision of related installation, technical instructions, after-sales services, etc.
Number of Employees: 758 (consolidated), and 500 (non-consolidated) (as of March 31, 2021) - Outline of the Share Purchase
Date of payment: February 1, 2022
Number of Shares for the Purchase: 15,853,444 common shares
Price of the Shares: JPY345.60 per share
Amount of payment: JPY5,478,950,247 - Effect on Financial Performance for the Current and Next Fiscal Year
The transaction is expected to have no significant impact on the Company’s consolidated financial performance for this fiscal year ending March 31, 2022 and for coming fiscal year ending March 31, 2023. If necessary, the Company will make additional disclosure on a timely basis in accordance with the rules of the Tokyo Stock Exchange upon determination of further details.
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.
Contact:
Masahiro Nagayasu
General Manager
Investor Relations
