Nidec to Execute a Share Transfer Agreement on Italian Machine Tool Manufacturer PAMA and Its Affiliates
KYOTO, Japan, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company” or “Nidec”) announced today that, the Company passed a resolution on, among others,
purchasing the shares of Italian machine tool manufacturer PAMA and its nine affiliates (collectively “PAMA”) (the “Stock Acquisition”) on November 28, 2022 (Japan time). The Company executed a
transfer agreement on the Stock Acquisition, etc. on November 30, 2022 (Japan time), as outlined below.
1. Outline of the company to be acquired
| (1 | ) | Company Name | PAMA S.p.A. | |
| (2 | ) | Headquarter | The city of Rovereto, Trentino-Alto Adige, Italy | |
| (3 | ) | Foundation | 1926 | |
| (4 | ) | Director | Alessandro Batisti, General Manager (who will continue to serve as such after the Stock Acquisition). | |
| (5 | ) | Production bases | Italy, China | |
| (6 | ) | Principal businesses | Manufacturing and sale of machine tools (boring and milling machines, and machining centers, among others) | |
| (7 | ) | Number of employees | Approximately 430 | |
| (8 | ) | Sales | Fiscal year ended December 31, 2021 | 118.3 million euro (approximately 17.2 billion yen) |
2. Purpose of the Stock Acquisition and management policies going forward
The Company entered into the machine tool business on a full scale after purchasing Mitsubishi Heavy Industries Machine Tool Co., Ltd. (currently, Nidec Machine Tool Corporation) in August last
year, and purchasing the shares of OKK Corporation (currently, Nidec OKK Corporation) through a third-party allocation of common shares in February this year. With the latest purchase of PAMA, the
Company will be able to accelerate the generation of strong synergies with its existing two machine tool manufacturers in the product range, as well as product sale, development, and manufacturing.
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