KYOTO, Japan, Dec. 01, 2017 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594 ) (OTC US:NJDCY) (the “Company” or “Nidec”) has announced today that it acquired a 100% of the shares of driveXpert GmbH (“driveXpert”) specialized in design and development of hardware and software for automotive Electronic Control Unit (ECU) from its shareholders on November 30, 2017, local time (the “Transaction”) through the Company’s subsidiary, Nidec Motors & Actuators (Germany) GmbH. As a result of the Transaction, driveXpert GmbH became a consolidated subsidiary of Nidec.
1. Purpose and Background of the Transaction
Nidec places importance on the market for automotive ECUs and electric motors, which is expected to grow to the extent of doubling from 2.8 trillion yen in 2016 to 6 trillion yen by 2030 as electrification of in-vehicle parts accelerates. Today, the Company supplies high-performance brushless DC motors to a variety of automotive applications such as electric power steering systems, engine cooling fans, electric oil/water pumps, etc.
driveXpert has the high technical capability in designing ECUs for foregoing applications. The Transaction will enable the combination of Nidec’s high-performance motors and driveXpert’s high precision ECUs. Given today’s automotive industry moving fast toward EV/PHV platform, the industry is putting a growing premium on hardware and software design that achieves unprecedented levels of safety, environmental performance and driving comfort.
Also, driveXpert is located near the Ilmenau University of Technology and engaged in high-level electrical engineering research and education. It currently conducts joint research with the university and accepts interns and graduates. Nidec and driveXpert will work in tandem to nurture engineering talents through hands-on education, adding new competitive edge to Nidec group’s European automotive components business.
2. Information on Nidec Motors & Actuators (Germany) GmbH
| (1 | ) | Company Name: | Nidec Motors & Actuators (Germany) GmbH |
| (2 | ) | Headquarters: | Bietigheim-Bissingen, Germany |
| (3 | ) | CEO: | Olav Schulte |
| (4 | ) | Principal Business: | R&D, manufacturing, and sale of automotive motors for engine cooling, anti-lock braking system, steering column adjustment, seat adjustment, air suspension compressor, sunroof, and automatic trunk open/close |
3. Information on driveXpert
| (1 | ) | Company Name: | driveXpert GmbH |
| (2 | ) | Headquarters: | Ilmenau, Thuringia, Germany |
| (3 | ) | Foundation: | 2010 |
| (4 | ) | Principal Business: | Development and design of automotive ECU hardware and software |
| (5 | ) | Capital | €25,000 |
| (6 | ) | CEO: | Michael Löffler |
| (7 | ) | Employees: | 23 (as of November 2017) |
| (8 | ) | Sales: | €1.2 million (for the fiscal year ended December 31, 2016) |
4. Information on Transaction
| (1 | ) | Consideration: | |
| Cash | |||
5. Effect on Financial Performance for the Current Fiscal Year
The Transaction is expected to have no significant impact on the Company’s consolidated financial performance for the fiscal year ending March 31, 2018. 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 planned transaction not being realized, changes in general economic conditions, shifts in technology or user preferences for particular technologies, other risks relating to 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
