Globe Newswire
Nidec Copal to Make Copal Yamada Consolidated Subsidiary
Tuesday July 22, 05:15 PM
KYOTO, Japan, July 22, 2008 (PRIME NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced that one of its consolidated subsidiaries, Nidec Copal Corporation ("Nidec Copal") (Tokyo Stock Exchange:7756), resolved today to purchase new shares issued by its equity method affiliate, Copal Yamada Corporation ("Copal Yamada"), through a third-party allocation. Following this new share allocation effective August 1, 2008, Copal Yamada will become a consolidated subsidiary of Nidec Copal.
Copal Yamada is a fifty-fifty joint venture established in July 2003 between Nidec Copal and Apic Yamada Corporation (Tokyo Stock Exchange:6300) and specializes in the design and manufacture of precision molds. Copal Yamada will issue 3,500 new shares of its common stock at 50,000 yen per share through a third party allocation to raise 175 million yen, increasing its total number of shares issued from 6,000 shares to 9,500 shares. Nidec Copal will then acquire all the newly issued shares to increase its stake in Copal Yamada from the current 50% to 68.4%.
By owning a majority stake in Copal Yamada, Nidec Copal intends to better align Copal Yamada with its strategic initiatives that focus on enhancing the speed and size of the mold business to meet the increasing overseas demand.
Nidec Copal expects the said new share allocation and the resulting inclusion of Copal Yamada into its scope of consolidation will have a minimal impact on its financial results for the current fiscal year ending March 31, 2009.
The Nidec Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1734
CONTACT: Nidec Corporation
Investor Relations
Masahiro Nagayasu, General Manager
+81-75-935-6140
ir@jp.nidec.com
Source:Nidec Corporation
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