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Nidec Completes Acquisition of Secop Group (Secop Holding GmbH and Other 3 Entities), a German Compressor Manufacturer

/EIN News/ -- KYOTO, Japan, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE:6594) (OTC US:NJDCY) (the “Company” or “Nidec”) announced today that the Company completed the acquisition of 100% equity shares of Secop Holding GmbH, Secop s.r.o., Secop Compressors (Tianjin) Co., Ltd. and Secop Inc. (collectively “Secop”), and shareholder loans from Secop Beteillingungs GmbH, a portfolio management company owned by AURELIUS Equity Opportunities SE & Co KGaA (“Aurelius”) (the “Transaction”) on July 31, 2017. 

As a result of the Transaction, Secop and their subsidiaries became Nidec’s subsidiaries. The details of the main acquired companies are as follows: 

1. Outline of the Main Acquired Companies 

1) Change of Company Names 

Locations Current Company Names  Planned New Company Names
Flensburg, Germany Secop Holding GmbH Nidec Global Appliance Compressors GmbH
Flensburg, Germany Secop GmbH Nidec Global Appliance Germany GmbH
Zlatè Moravce, Slovakia Secop s.r.o. Nidec Global Appliance Slovakia s.r.o. 
Tianjin, China Secop Compressors (Tianjin) Co., Ltd. Nidec Global Appliance Tianjin Co., Ltd.
Roswell, Georgia, USA Secop Inc. Nidec Global Appliance USA Inc.
Fuerstenfeld, Austria Secop Austria GmbH Nidec Global Appliance Austria GmbH

2) Capital Structure  

3) New Directors 

Planned New Company Name Planned New Directors
Nidec Global Appliance Compressors GmbH Director and CEO: Valter Taranzano
Director: Katia Drusian
Nidec Global Appliance Germany GmbH Director and CEO: Valter Taranzano
Director and CEO: Mogens Søholm Bennetsen
Director: Katia Drusian
Director: Udo Gerhard Heskamp
Nidec Global Appliance Slovakia s.r.o. Director: Valter Taranzano
Director: Alberto Gentile
Nidec Global Appliance Tianjin Co., Ltd. Director and Chairman: Liu Shujing
Director: Mogens Søholm Bennetsen
Director: Valter Taranzano
Director: Wang Fuli
Supervisor: Lu Ling
Supervisor: Udo Gerhard Heskamp
Supervisor: Katia Drusian
Nidec Global Appliance USA Inc. Director: Udo Gerhard Heskamp
Director: Katia Drusian
Nidec Global Appliance Austria GmbH Director: Alberto Gentile
Director: Rudolf Mirth
Director: Astrid Rois

2. Purpose of the Transaction and Future Operation Policy 

Nidec has been actively developing a new growth platform with particular focus on appliance, industrial and commercial business. As part of this strategy, the Company is pursuing strategic acquisitions in the appliance industry. For this purpose, Nidec has created a new division named Nidec Global Appliance Division, which consists of Nidec Sole Motor Corporation S.R.L. (formerly, the household motor business of Appliances Components Companies S.p.A. acquired in January 2010), the appliance business of Nidec Motor Corporation (formerly, the motor and control business of Emerson Electric Co. acquired in September 2010) and Nidec Motor Corporation Romania (formerly, ANA IMEP S.A. acquired in May 2016). Nidec Global Appliance Division has three factories in Europe, one in China and one in Mexico, mainly focusing on the manufacturing and sales of motors for wet appliances such as washing machines, dryers and dishwashers. 

Secop’s strength lies in industry-leading compressors for household and commercial refrigerators. Through the Transaction, the Company has added compressors to its product portfolio, which allows the Company to expand further into the global refrigeration market. 

The Company believes that the Transaction will bring Nidec Group closer to its FY2020 sales target of two trillion yen as both parties’ technological capabilities, brands, and customer bases come to blend well together. 

3. Effect on Financial Performance for the Current Fiscal Year 

Once the Company determines the impact of the Transaction on its financial performance for the current fiscal year, it will make appropriate disclosure pursuant to the rules of the Tokyo Stock Exchange, and announce any changes to its forecasts as required thereunder. 

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.  

Masahiro Nagayasu
General Manager
Investor Relations

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