Nidec Says Unit Acquires Mitsubishi Materials' C.M.I Unit - Quick Facts

(RTTNews) - Nidec Corp. (NJ), a Japanese manufacturer of electric motors, and related components and equipment, announced Monday that its subsidiary Nidec Sankyo Corp. completed the acquisition of Mitsubishi Materials C.M.I. Corp. from Mitsubishi Materials Corp., with effect from January 1.

Following the deal, CMI became a wholly owned subsidiary of Nidec Sankyo.

The company noted that CMI engages primarily in motor and electric contact product businesses, and that the deal would result in enhancement of Nidec Sankyo's product line-up.

The company also expects that CMI's electric contact business would significantly contribute to the Nidec Group's growth strategy relating to its automotive motor business.

Nidec Sankyo CMI unit had 1,522 consolidated employees and 342 non-consolidated employees as of November 30, 2013.

In Japan, Nidec shares are currently trading at 10,240 yen, down 60 yen or 0.58 percent.