KYOTO, Japan. – March 31, 2023 – Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the “Company”) announced today that Nidec Copal Electronics Corporation (“Nidec Copal Electronics”), a subsidiary of the Company, has completed the acquisition of all shares of Midori Precisions Co., Ltd. (“Midori Precisions”) on March 31, 2023 (the “Stock Acquisition”), in line with the Company’s March 15, 2023 press release, “Nidec Executes Stock Transfer Agreement on Nidec Copal Electronics’ Acquisition of Midori Precisions.”
Making Midori Precisions a wholly owned subsidiary of Nidec Copal Electronics enables the two companies to develop products jointly based on each other’s technological strengths, and the Nidec Group to enhance its product lineup of potentiometers and encoders. In addition, via this Stock Acquisition, utilizing Nidec Copal Electronics’ global sales channels, the two companies will deliver products across the world to meet the global demand for sensors. Going forward, Nidec Copal Electronics will make growth investment in Midori Precisions in a timely and appropriate manner to make the position sensing (potentiometer & encoder) business a major pillar of the Nidec Copal Electronics group’s businesses.
“We are excited about this agreement with RFMW,” comments Frank Lauber, managing director of MRC Gigacomp. “RFMW’s products directly align with our focus and customer base. We are particularly excited to become a part of the RFMW family and we look forward to working with our new global colleagues.”
“We are confident that RFMW’s partnership with the MRC Organization will enhance our ability to provide customers with best-in-class solutions and support” says James Millsap, managing director of MRC Components.
“We appreciate MRC’s closely aligned mission and philosophy with RFMW’s,” states Mike Carroll, vice president of global sales at RFMW, “MRC’s excellent customer relationships and European coverage will further enhance RFMW’s international footprint and strengthen our line card. We are confident that our customers and suppliers will benefit from the acquisition, and we look forward to working with the team.”
Ben Skipper, finance director of the Exponential Technology Group adds “we are delighted to welcome the MRC group to the XTG family. As we continue to expand our global portfolio, the addition of MRC will help further cement RFMW’s position as the premier technical distributor of RF & Microwave semiconductors, connectors, and components in Europe.”
Outline of the new subsidiary
(1) Company name - Midori Precisions Co., Ltd.
(2) Headquarters - The city of Hamura, Tokyo
(3) Foundation - July 1952
(4) New director - Hitoshi Ohira, Representative Director and President (who will be dispatched from Nidec Copal Electronics)
(5) Business bases - Tokyo (headquarters and factory) and Osaka (sales)
(6) Principal business - Development, manufacturing, and sale of potentiometers and encoders
(7) Number of employees - Approximately 130 (as of March 2023)
(8) Sales - Fiscal year ended March 31, 2022: 2.788 billion yen
(9) Operating profit - FIscal year ended March 31, 2022: 495 million yen
Effect of the Stock Acquisition for the Current Fiscal Year
The Stock Acquisition is expected to have no significant impact on the Company’s consolidated financial performance for this 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.
On April 1, 2023 Nidec Copal Electronics will be renamed Nidec Components Corporation.
Forward-Looking Statements are omitted