Latest news with #OTCUS
Business Wire
08-07-2025
- 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.
Business Wire
26-06-2025
- Business
- Business Wire
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)--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.
Yahoo
27-05-2025
- Business
- Yahoo
Nidec Announces Annual Dividend Payout from Retained Earnings
KYOTO, Japan, May 27, 2025--(BUSINESS WIRE)--Nidec Corporation (TOKYO:6594; OTC US:NJDCY) (the "Company") today announced that the Company resolved at a meeting of its Board of Directors held on May 27, 2025 to distribute retained earnings (date of record: March 31, 2025) in the form of an annual dividend as outlined below: 1. Annual Dividend Payout from Retained Earnings Determined amount Previous annual dividends forecast (Announced on April 24, 2025) (Reference) Annual dividends for the fiscal year ended March 31, 2024 Record date March 31, 2025 March 31, 2025 March 31, 2024 Dividend per share 20 yen 20 yen 20 yen(*1) Total dividend amount 22,960 million yen - 23,003 million yen Effective date June 2, 2025 - June 3, 2024 Dividend resource Retained earnings - Retained earnings (*1) The Company implemented a two-for-one common stock split, effective October 1, 2024. Dividends per share was calculated on the assumption that the relevant stock split had been implemented at the beginning of the year ended March 31, 2024. 2. ReasonRegarding shareholder returns, our policy is to maintain stable and continuous dividends while aiming for a total payout ratio of 50%, including share repurchase, in addition to increasing our share price through business expansion and improving profitability in growth fields. Based on this dividend policy and in comprehensive consideration of its financial position, profit levels and dividend payout ratio, the Company has decided to reward its shareholders with a year-end dividend of 20 yen per share. This translates into an annual dividend of 40 yen per share together with the interim dividend of 20 yen per share for the year ended March 31, 2025. (Reference) Dividend per share Record Date Interim Year-end Total Annual dividends per share for the year ended March 31, 2025 20 yen(*2) 20 yen 40 yen (Reference)Annual dividends per share for the year ended March 31, 2024 17.5 yen(*2) 20 yen(*2) 37.5 yen(*2) (*2) Dividends per share were calculated on the assumption that the relevant stock split had been implemented at the beginning of each period. View source version on Contacts Teruaki UragoGeneral ManagerInvestor Relations+81-75-935-6140ir@ Sign in to access your portfolio
Business Wire
27-05-2025
- Business
- Business Wire
Nidec Announces That Its Board Authorizes Share Repurchase Plan
KYOTO, Japan--(BUSINESS WIRE)--Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the 'Company') announces today that its Board of Directors has authorized a new share repurchase plan at a meeting held on May 27, 2025, whereby the Company may repurchase up to 13 million shares in accordance with the Articles of Incorporation pursuant to Item 1 of Article 459 (1) of the Companies Act of Japan. Reason for Share Repurchase To flexibly implement share repurchases while considering factors such as funds for medium- to long-term growth investments, the current cash position, stock price levels, and the status of total shareholder returns, with a view to achieving a total return ratio of 50%. Details of Authorized Share Repurchase Plan Class of shares: Common stock Total number of shares that may be repurchased: Up to 13,000,000 shares (1.13% of total number of shares issued, excluding treasury stock) Total repurchasable amount: 35 billion yen Period of repurchase: From May 28, 2025 through May 27, 2026 Reference Total number of shares issued and outstanding shares held in treasury as of April 30, 2025: Total number of shares issued (excluding treasury stock): 1,146,307,799 shares Shares held in treasury: 46,261,137 shares Cautionary Statement Concerning Forward-Looking Information This press release contains forward-looking statements regarding the Company's current intent, plans, expectations and estimates. 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, available funds, future alternative uses for cash, future competing investment opportunities, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.
Business Wire
14-05-2025
- Business
- Business Wire
Crescita Reports First Quarter 2025 Results
LAVAL, Quebec--(BUSINESS WIRE)--Crescita Therapeutics Inc. (TSX: CTX and OTC US: CRRTF) ('Crescita' or the 'Company'), a growth-oriented, innovation-driven Canadian commercial dermatology company, today reported its financial results for the first quarter ended March 31, 2025 ('Q1-2025'). All amounts presented are in thousands of Canadian dollars ('CAD') unless otherwise noted and in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board. Financial Highlights Q1-2025 vs. Q1-2024 Revenue was $3,537, compared to $4,996, a decrease of $1,459; Gross profit was $1,747, compared to $2,411, a decrease of $664; Operating expenses were $2,809, compared to $3,142, a decrease of $333; Net loss was $(932), compared to $(626), an increase of $306; Adjusted EBITDA 1 was $(679), compared to $(325), an increased loss of $354; Ending cash of $8,538, compared to $9,273, a decrease of $735 for the quarter. 'As anticipated, our Q1 results were less than the prior year, mainly due to the timing of order fulfillment in our Manufacturing segment. A large purchase order was fulfilled in Q1-2024 whereas some deliveries originally scheduled for Q1-2025 were advanced into Q4-2024. We do, however, expect topline improvement in the coming quarters as we begin delivering on larger scheduled orders,' said Serge Verreault, President and Chief Executive Officer of Crescita. 'We continue to implement a disciplined approach to capital deployment, carefully balancing investments in organic and inorganic growth, with the prudent preservation of our financial strength,' concluded Mr. Verreault. Operational and Corporate Developments For the three months ended March 31, 2025 and up to the date of this press release: Repurchases under our Normal Course Issuer Bid In Q1-2025, we repurchased 76,094 common shares through our Normal Course Issuer Bid at a weighted average purchase price per share of $0.57 for total cash consideration of $43. Q1-2025 Summary Financial Results Note: Select financial information is outlined below and should be read in conjunction with Crescita's Condensed Consolidated Interim Financial Statements and related Management's Discussion and Analysis ('MD&A') for the three months ended March 31, 2025, which are available on Crescita's profile on SEDAR+ at and on Crescita's website at Revenue We have three reportable segments: 1) Commercial Skincare ('Skincare'), which generates revenue from the commercialization of our branded non-prescription skincare products, manufactured in-house, in Canada and in certain international markets, as well as other brands under exclusive distribution agreements; 2) Licensing and Royalties ('Licensing'), which currently derives revenue from licensing our intellectual property related to Pliaglis ®; and 3) Manufacturing and Services ('Manufacturing'), which generates revenue from contract manufacturing and product development services. For the three months ended March 31, 2025, total revenue was $3,537 compared to $4,996 for the three months ended March 31, 2024. The year-over-year decrease of $1,459 was primarily driven by lower Manufacturing segment revenue of $1,631, mainly due to the fulfilment of a purchase order from our largest Manufacturing client in Q1-2024, and by a slight decrease of $78 in Skincare sales, primarily due to the decreases in e-commerce and export sales versus Q1-2024, partly offset by incremental revenue from Aquafolia ®, acquired in June 2024. The decreases were also partly offset by Licensing revenue of $250 for the quarter, reflecting product sales from supplying Pliaglis under licensing agreements. Gross Profit and Gross Margin For the three months ended March 31, 2025, gross profit was $1,747, representing a gross margin of 49.4%, compared to $2,411 and 48.3%, respectively, for the three months ended March 31, 2024. The net decrease of $664 was mainly due to lower Manufacturing revenue, as described above, which was at a higher margin, while the net increase of 1.1% in gross margin was mainly driven by favorable revenue mix, as Skincare sales represented a larger proportion of total revenue in Q1-2025 compared to Q1-2024. Operating Expenses For the three months ended March 31, 2025, total operating expenses were $2,809 compared to $3,142 for the three months ended March 31, 2024. The year-over-year decrease of $333 was mainly driven by lower headcount-related expenses as a result of position vacancies, as well as lower commercial partnership fees in connection with our ecommerce sales. Cash and Cash Equivalents Cash and cash equivalents were $8,538 at March 31, 2025, reflecting a decrease of $735 for the quarter, mainly due to the net loss incurred in Q1-2025. Non-IFRS Financial Measures We report our financial results in accordance with IFRS. However, we use certain non-IFRS financial measures to assess our Company's performance. We believe these to be useful to management, investors, and other financial stakeholders in assessing Crescita's performance. The non-IFRS measures used in this press release do not have any standardized meaning prescribed by IFRS and are therefore not comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. The following are the Company's non-IFRS measures along with their respective definitions: EBITDA is defined as earnings before interest, income taxes, depreciation of property, plant and equipment, and amortization of right-of-use asset and intangible assets. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation of property, plant and equipment and amortization of right-of-use asset and intangible assets, share of (profit) loss of associates, fair value (gains) losses, share-based compensation, restructuring, acquisition-related and integration costs, and goodwill and intangible asset impairment, as applicable. Management believes that Adjusted EBITDA is an important measure of operating performance and cash flow and provides useful information to investors as it highlights trends in the underlying business that may not otherwise be apparent when relying solely on IFRS measures. Below is a reconciliation of EBITDA and Adjusted EBITDA to their closest IFRS measures. Caution Concerning Limitations of Summary Financial Results Press Release This summary earnings press release contains limited information meant to assist the reader in assessing Crescita's performance, but it is not a suitable source of information for readers who are unfamiliar with Crescita and is not in any way a substitute for the Company's Consolidated Audited Financial Statements and notes thereto, MD&A and latest Annual Information Form ('AIF'), all of which can be found on the Company's profile on SEDAR+ at About Crescita Therapeutics Inc. Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of high-quality, science-based non-prescription skincare products and early to commercial stage prescription products. We also own multiple proprietary transdermal delivery platforms that support the development of patented formulations to facilitate the delivery of active ingredients into or through the skin. For more information visit, Forward-looking Information Certain statements in this press release constitute forward-looking statements and/or forward-looking information (collectively 'forward-looking information') within the meaning of applicable securities laws. All information in this press release, other than statements of current and historical fact, represents forward-looking information and is qualified by this cautionary note. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans, objectives, and expectations. Such information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as: 'outlook', 'objective', 'anticipate', 'intend', 'plan', 'goal', 'seek', 'believe', 'aim', 'project', 'estimate', 'expect', 'strategy', 'future', 'likely', 'may', 'should', 'will', 'growth strategy', 'future', 'prospects', 'continue', and similar references to future periods or suggesting future outcomes or events. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Examples of forward-looking information include, but are not limited to, statements made in this press release under the heading 'Financial Highlights', including statements regarding the Company's objectives, plans, goals, strategies, growth, performance, operating results, financial condition, business prospects, opportunities and industry trends, and similar statements concerning anticipated future events, results, circumstances, performance or expectations. Forward-looking information is neither historical fact nor assurance of future performance. Instead, it reflects management's current beliefs, expectations and assumptions and is based only on information currently available to us. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable by the management of the Company as of the date of this press release, are inherently subject to significant business, economic, and competitive uncertainties and contingencies that are difficult to predict and many of which are outside of our control. The Company's estimates, beliefs and assumptions, which may prove to be incorrect, include various assumptions regarding, among other things: the Company's future growth potential, results of operations, future prospects and opportunities; the Company's ability to retain and recruit, as applicable, customers, members of management and key personnel; industry trends; legislative or regulatory matters, including expected changes to laws and regulations and the effects of such changes; future levels of indebtedness; availability of capital; the Company's ability to secure additional capital and source and complete acquisitions; the Company's ability to maintain and expand its market presence and geographic scope; economic and market conditions, including the imposition of and adverse changes to tariffs and other trade protection measures; the impact of currency exchange and interest rates; the Company's ability to maintain existing financing and insurance on acceptable terms; the Company's ability to execute on, and the impact of, its environmental, social and governance initiatives; the impact of competition; and the Company's ability to respond to changes to its industry and the global economy. Forward-looking information involves risks and uncertainties that could cause Crescita's actual results and financial condition to differ materially from those contemplated by such forward-looking information. Important factors that could cause such differences include, among others: economic and market conditions, including factors impacting global supply chains such as pandemics, geopolitical conflicts and tensions, and trade protection measures, like the imposition of tariffs and retaliatory tariffs by the United States and Canada; the impact of inflation and fluctuating interest rates; the Company's ability to execute its growth strategies; the degree or lack of market acceptance of the Company's products; reliance on third parties for marketing, distribution and commercialization, and clinical trials; the impact of variations in the values of the Canadian dollar in relation to the U.S. dollar and Euro; the impact of the volatility in financial markets; the Company's ability to retain members of its management team and key personnel; the impact of changing conditions in the regulatory environment and product development processes; manufacturing and supply risks; increasing competition in the industries in which the Company operates; the Company's ability to meet its contractual obligations; the impact of product liability matters; the impact of litigation involving the Company and/or its products; the impact of changes in relationships with customers and suppliers; the degree of intellectual property protection of the Company's products; developments and changes in applicable laws and regulations, and; other risk factors described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory agencies and commissions, including the sections entitled 'Risk Factors' in the Company's most recent annual MD&A and AIF. If any risks or uncertainties with respect to the above materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. This list is not exhaustive of the factors that may impact the Company's forward-looking information. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information, which speaks only as of the date provided, and is subject to change after such date. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be provided from time to time, whether as a result of new information, future developments or otherwise. 1 Please refer to the Non-IFRS Financial Measures section of this press release.
