KYOTO, Japan, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE: NJ ) (the "Company") today announced that at a meeting of the Board of Directors of the Company held on November 5, 2013, the following decision was made regarding repurchases of shares of common stock of the Company from its subsidiaries pursuant to Article 156 of the Company Law of Japan (the "Company Law") as made applicable through Article 163 of the Company Law.
Background of the Share Repurchases
The Company decided to repurchase shares of its common stock that are held by the subsidiaries described below pursuant to Paragraph 3 of Article 135 of the Company Act.
Details of the Share Repurchases
1. Class of securities subject to the share repurchases: Common stock
2. Total number of shares to be repurchased: 240,075 shares (0.17% of the total number of shares issued, excluding treasury stock) (of which 138,075 shares are held by Nidec Copal Corporation, 68,000 shares by Nidec Tosok Corporation, and 34,000 shares by Nidec Copal Electronics Corporation)
3. Total repurchase price: 2,218,293,000 yen (The total repurchase price was determined by multiplying 240,075, which is the total number of shares to be repurchased, by 9,240 yen, which is the closing price of the Company's common stock on the First Section of the Tokyo Stock Exchange on November 5, 2013.)
4. Date of the share purchases: November 5, 2013
5. Method of repurchases: Repurchases of the subject shares directly from the subsidiaries
Overview of the Subsidiaries (as of October 31, 2013)
| 1. Company name | Nidec Copal | Nidec Tosok | Nidec Copal |
| Corporation | Corporation | Electronics Corporation | |
| 2. Address of head office | 2-18-10 Shimura, Itabashi, | 2-24-1 Sobudai, Zama, | 7-5-25 Nishishinjyuku, |
| Tokyo, Japan | Kanagawa, Japan | Shinjyuku, Tokyo, Japan | |
| 3.Name and title of | Shigeru Izawa | Shigeru Murata | Sho Kikuchi |
| company representative | Representative Director, | President and Chief | President and Chief |
| President | Executive Officer | Executive Officer | |
| 4. Principal businesses | Manufacture and sales of | Development, | Manufacture and sales of |
| optical equipment, | manufacture and sales | electronic components | |
| electronic equipment, | of automobile parts and | ||
| components and system | measuring devices | ||
| equipment | |||
| 5. Share capital | 11,080 million yen | 5,087 million yen | 2,362 million yen |
Reference
Total number of shares issued and outstanding and shares held in treasury as of October 31, 2013:
- Total number of shares issued (excluding shares held in treasury): 138,149,516 shares
- Shares held in treasury: 6,925,564 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, alternative uses for cash, competing investment opportunities, and changes in 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.
Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140
