Nidec Sankyo Corp has completed the acquisition of Mitsubishi Materials CMI Corp, as announced by Japanese electric motor and parts manufacturer Nidec Corp. The Nidec subsidiary acquired CMI from its parent Mitsubishi Materials Corp, wrote RTT News.
The transaction is effective January 1. After the deal, CMI became Nidec Sankyo's wholly owned subsidiary, the report stated.
The company noted that CMI is primarily engaged in the motor and electric contact product business. Nidec Sankyo's product portfolio would be enhanced as a result of the said deal, the report explained.
The firm also expects CMI's electric contact business to significantly contribute to the growth strategy of the Nidec Group, in relation to its automotive motor business, said the report.
As of November 30 last year, Nidec Sankyo CMI unit employed 1,522 consolidated workers and 342 non-consolidated workers, the report detailed.
Nidec shares are currently trading in Japan at JPY10,240, down JPY60 or 58%, RTT News reported.
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