Business News
Japan's Nidec to buy Emerson's motors and control businesses
Aug 18, 2010, 8:35 GMT
Tokyo - Nidec Corp announced Wednesday the Kyoto-based precision producer was to acquire the motors and controls businesses of US company Emerson Electric Co, to expand its global operations in automotive, home appliance and industrial motors.
Nidec said it was scheduled to complete the transaction by the end of September, but did not disclose financial terms. Nikkei Business daily said earlier that the deal would cost 60-70 billion yen (702-819 million dollars).
As demand for motors in home appliances, vehicles and other sectors grows globally, Nidec said it aims to take advantage of the strength of Emerson Electric, which has a strong presence in the US, to boost development, production and sales of its home appliance motor business.
Nidec is expected to keep all the 6,000 employees, including 1,700 in the United States, employed by those departments of Emerson Electric, which have research and development, production and sales centres mainly in the US, Mexico, Britain and China.
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