Latest news with #Nidec
Nikkei Asia
5 days ago
- Automotive
- Nikkei Asia
Nidec hopes to catch China stimulus tailwind with appliance motor plant
Nidec's new factory in Qingdao has come online to produce motors used in home appliances. (Photo by Eisaku Nitta) EISAKU NITTA QINGDAO, China -- Japanese manufacturer Nidec opened a new Chinese factory Wednesday for motors used in home appliances, a sector that China is targeting with subsidies in a bid to energize consumer spending. The company plans to build another plant in the country within the next couple of years, as it turns its focus to China's domestic market amid deepening uncertainty around global trade.
Yahoo
6 days ago
- Business
- Yahoo
Nidec Completes Acquisition of Chinese Scroll Compressor Manufacturer Xecom
KYOTO, Japan, July 08, 2025--(BUSINESS WIRE)--Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the "Company" or "Nidec") today announced that it has acquired full ownership of Changzhou Xecom Energy Technologies Co., Ltd., a privately owned Chinese company (''Xecom"), through the Company's subsidiary, Nidec Appliance Controls (Qingdao) Co., Ltd , on July 8, 2025 (the "Transaction") . As a result of the Transaction, Xecom became a consolidated subsidiary of Nidec, as outlined below:From the effective day, Xecom is renamed Nidec Scroll Technology (Changzhou) Co., Ltd. 1. Outline of the Company to be acquired New Company Name Nidec Scroll Technology (Changzhou) Co., Ltd. (Former Changzhou Xecom Energy Technologies Co., Ltd.) Address Floor 1, Building No. 2, No. 1 Xinsi Road, Xinbei District, Changzhou City, Jiangsu Province, China Foundation 2021 New Director Chairman Alberto Casnati Principal Businesses Design and production of high performance Scroll Compressors for Air Conditioning, Heat Pump and Refrigeration Number of Employees Approximately 75 (as of December 2024) Yearly Net Sales The fiscal year endedDecember 31, 2024 123 million RMB (Approximately 17 million USD) 2. Purpose of the Transaction and Future Operation Policy Nidec has been actively developing a new growth platform with particular focus on appliance, commercial and industrial motors businesses. As part of this strategy, the Company has been pursuing strategic acquisitions in the field of appliance motors: in January 2010 Nidec acquired Sole Motors and in July 2019, Nidec acquired Embraco aiming to further expand its refrigeration compressor business. Now, with acquisition of this scroll compressor technology, the Company will be able to expand and consolidate its presence in the refrigeration segment and make it able to join new fields in the air conditioning and heat pump markets and continue to contribute to the sales and profits of the entire Nidec group. 3. 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 this fiscal year ending March 31, 2026. 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. 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, whether and when required regulatory approvals are obtained, other risks relating to the successful consummation of the planned transaction, 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. View source version on Contacts Teruaki UragoGeneral ManagerInvestor Relations+81-75-935-6140ir@ Sign in to access your portfolio
Business Wire
6 days ago
- Business
- Business Wire
Nidec Completes Acquisition of Chinese Scroll Compressor Manufacturer Xecom
KYOTO, Japan--(BUSINESS WIRE)--Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the 'Company' or 'Nidec') today announced that it has acquired full ownership of Changzhou Xecom Energy Technologies Co., Ltd., a privately owned Chinese company (''Xecom'), through the Company's subsidiary, Nidec Appliance Controls (Qingdao) Co., Ltd , on July 8, 2025 (the 'Transaction') . As a result of the Transaction, Xecom became a consolidated subsidiary of Nidec, as outlined below: From the effective day, Xecom is renamed Nidec Scroll Technology (Changzhou) Co., Ltd. 1. Outline of the Company to be acquired New Company Name Nidec Scroll Technology (Changzhou) Co., Ltd. (Former Changzhou Xecom Energy Technologies Co., Ltd.) Address Floor 1, Building No. 2, No. 1 Xinsi Road, Xinbei District, Changzhou City, Jiangsu Province, China Foundation 2021 New Director Chairman Alberto Casnati Principal Businesses Design and production of high performance Scroll Compressors for Air Conditioning, Heat Pump and Refrigeration Number of Employees Approximately 75 (as of December 2024) Yearly Net Sales The fiscal year ended December 31, 2024 123 million RMB (Approximately 17 million USD) Expand 2. Purpose of the Transaction and Future Operation Policy Nidec has been actively developing a new growth platform with particular focus on appliance, commercial and industrial motors businesses. As part of this strategy, the Company has been pursuing strategic acquisitions in the field of appliance motors: in January 2010 Nidec acquired Sole Motors and in July 2019, Nidec acquired Embraco aiming to further expand its refrigeration compressor business. Now, with acquisition of this scroll compressor technology, the Company will be able to expand and consolidate its presence in the refrigeration segment and make it able to join new fields in the air conditioning and heat pump markets and continue to contribute to the sales and profits of the entire Nidec group. 3. 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 this fiscal year ending March 31, 2026. 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. 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, whether and when required regulatory approvals are obtained, other risks relating to the successful consummation of the planned transaction, 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.
Yahoo
26-06-2025
- Business
- Yahoo
Nidec Announces Change in the Scheduled Submission Date for the Securities Report
KYOTO, Japan, June 18, 2025--(BUSINESS WIRE)--Nidec Corporation (TOKYO:6594; OTC US: NJDCY) (the "Company") announced in its "Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 [IFRS]" released on April 24, 2025, that the scheduled submission date for the 52nd Annual Securities Report was June 18, 2025. The Company hereby informs you that this submission will be postponed as described below. 1. Securities reports coveredThe 52nd Fiscal Year Securities Report (From April 1, 2024 to March 31, 2025) 2. Scheduled submission date for the financial results summary for the fiscal year ended March 2025June 18, 2025 (Wednesday) 3. Reasons for changing the submission dateAs previously announced on May 29, 2025, we have not yet received the audit report from the accounting auditor on our consolidated financial statements. The following is an outline of the progress to date:The Company identified an issue concerning trade transactions at NIDEC FIR INTERNATIONAL S.R.L. (located in Italy, hereinafter "FIR"), one of the consolidated subsidiaries of the Company under Appliance, Commercial and Industrial Motors Business Unit of Appliance and Automotive Division. The Company has engaged a third-party expert, experienced in international trade and customs law, to investigate. The Company has recognized potentially erroneous declarations of country of origin for certain motors manufactured by FIR, which may have resulted in unpaid import tariffs. Based on the status report on the investigation received, the Company is proceeding with further internal investigation and consideration of this matter, in collaboration with the third-party a result, the Company has determined that, in relation to the impact on our consolidated financial statements, further audit by the accounting auditor will be required based on the results of the above investigation. The above internal investigations and examination of the impact on the consolidated financial statements and internal controls are ongoing, and the investigations required for the accounting auditor to complete the audit procedure have not been finalized. Consequently, the Company has determined that it will be difficult to issue the audited consolidated financial statements by June 18, 2025, and therefore has decided to postpone the submission of the securities report that was scheduled to be submitted on the same new submission date will be announced promptly, taking the progress into consideration. [Reference]Company outline of NIDEC FIR INTERNATIONAL of headquarters: Via Roma, 19, 26041-Casalmaggiore (CR), ItalyBusiness unit: Appliance, Commercial and Industrial Motors Business Unit of Appliance and Automotive DivisionMain products: Motors and actuators for industrial (construction and renewable energy), commercial (leisure and commercial refrigerators/freezers) and appliance (washing machines and dryers) use (AC, geared and brushless DC motors) and motor-related products (motor components and drive)Sales: 13,873 million yen (fiscal 2024) (Unaudited) View source version on Contacts Teruaki UragoGeneral ManagerInvestor Relations+81-75-935-6140ir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
26-06-2025
- Business
- Associated Press
Nidec announces its board of directors' resolution of application for approval of deadline extension for submission of securities report for 52nd fiscal year
KYOTO, Japan--(BUSINESS WIRE)--Jun 26, 2025-- As announced in 'Change in the scheduled submission date for the securities report' dated June 18, 2025, Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the 'Company') is proceeding with further internal investigations and considerations regarding trade transactions and customs issues of NIDEC FIR INTERNATIONAL S.R.L. (Located in Italy; hereinafter 'FIR'), one of the consolidated subsidiary of the Company and under Appliance, Commercial and Industrial Motors Business Unit of Appliance and Automotive Division. In relation to this tariff issue, the Company hereby announces that the Company has decided to submit an application to the Kanto Local Finance Bureau for approval of a deadline extension regarding the submission of the securities report as prescribed in Article 15-2, Paragraph 1 of the Cabinet Office Ordinance on Disclosure of Corporate Affairs. The Company would like to offer its deepest apologies to the shareholders, investors, and all other parties concerned for the inconvenience and concern caused. 1. Securities reports covered The 52nd Fiscal Year Securities Report (From April 1, 2024 to March 31, 2025) 2. Deadline for filing before extension June 30, 2025 3. Deadline for filing if extension is approved September 26, 2025 4. Overview of the case Between April 2018 and September 2023, FIR shipped oven motors manufactured at its Italian factory using parts made in China to the United States and imported them itself. In light of U.S. customs laws and regulations and U.S. customs law rulings, the country of origin of the motors should have been China, not Italy, FIR treated the country of origin of the motors as Italy, and therefore did not pay the additional tariffs that should have been paid when oven motors, which originated in China, were imported into the United States. In September 2023, FIR stopped the production and shipment of oven motors and implemented changes to the procurement sources and manufacturing process of major parts (hereinafter 'Process Changes'). At roughly the same time, FIR's parent company, Nidec Americas Holding Corporation (hereinafter 'NAHC'), commissioned an external expert to investigate the cause and circumstances of the fact that the country of origin of oven motors manufactured at FIR's Italian factory was declared as Italy (hereinafter 'Country of Origin Violation'). Since the investigation related to the commission (hereinafter 'External Prior Investigation') took time to obtain clearance under the European General Data Protection Regulation and conduct forensic investigations, the report on the results of the investigation (hereinafter 'Preliminary Investigation Report') was submitted to NAHC on March 5, 2025, and NAHC submitted the Preliminary Investigation Report to the Company the following day. The Company notified the accounting auditor of Country of Origin Violation on March 31, 2025. After reviewing the Preliminary Investigation Report, the Company decided that the Company would conduct an internal investigation (hereinafter 'Internal Investigation') into the matters pointed out in the Preliminary Investigation Report but whose details were unclear. On April 14, 2025, the Company established an internal investigation committee (hereinafter 'Internal Investigation Committee') to investigate and consider the above matters, and on May 28, 2025, it prepared an investigation report (hereinafter 'Internal Investigation Report') describing the results of the investigation at that time. Upon further review of the Internal Investigation Report, the Company decided to commission an external expert to investigate whether there were any erroneous declarations of country of origin of products manufactured by FIR other than those (oven motors) that were the subject of the External Prior Investigation, among the matters subject to investigation in the Internal Investigation. The Company commissioned this investigation (hereinafter 'External Investigation') to an external expert on May 29, 2025, and the expert submitted an investigation report on the External Investigation (hereinafter 'Investigation Report') to the Company on June 11, 2025. The Investigation Report found that the method from December 2023 to present for determining the country of origin (made in Italy) of FIR's oven motors was appropriate, but that the country of origin of motors other than oven motors manufactured by FIR is likely to be determined to be made in China under criteria for determination country of origin in the U.S.. In response, the Company instructed FIR in June 2025 to stop shipping and importing the products to the U.S., except when the country of origin of the products is declared as China, and to disclose to U.S. customs authorities the erroneous country of origin declarations. After reviewing the Investigation Report prepared by the external experts, the Internal Investigation Committee has decided, based on the external experts opinions on the Investigation Report, that it is necessary to conduct further investigations (hereinafter 'Additional Internal Investigation') with the assistance of external experts to examine: (i) whether there are any similar events occurring outside of FIR with respect to the events that occurred at FIR, and whether and to what extent the events have had an impact on the consolidated financial statements; (ii) the assessment of the parties involved in the Country of Origin Violation; and (iii) the impact on internal controls. 5. Reasons for an extension of the submission deadline As stated in 4 above, the Company has determined that the Additional Internal Investigation etc. is necessary to investigate whether there are any similar events other than FIR with respect to the events that occurred at FIR. Until this Additional Internal Investigation etc. is completed, the consolidated financial statements for the fiscal year ended March 2025 cannot be finalized, and the audit by the accounting auditor of the consolidated financial statements is not expected to be completed. Due to the breadth of the scope of the investigation, the Company expects that this Additional Internal Investigation will take a considerable amount of time to complete. Therefore, the Company has determined that it will be difficult to submit the securities report for the 52nd fiscal year by the deadline set by law, and that the Company applies for a deadline extension regarding the submission of the securities report. 6. Future outlook When the Company submits the application for the deadline extension of securities report, the Company will promptly disclose it. View source version on CONTACT: Teruaki Urago General Manager Investor Relations +81-75-935-6140 [email protected] KEYWORD: CHINA UNITED STATES JAPAN NORTH AMERICA ASIA PACIFIC ITALY EUROPE INDUSTRY KEYWORD: MACHINE TOOLS, METALWORKING & METALLURGY AUTOMOTIVE MANUFACTURING TECHNOLOGY MANUFACTURING MACHINERY HARDWARE SOURCE: NIDEC CORPORATION Copyright Business Wire 2025. PUB: 06/26/2025 04:30 AM/DISC: 06/26/2025 04:29 AM
