Nidec To Buy Gerate- Und Pumpenbau GmbH Dr. Eugen Schmidt

(RTTNews) - Nidec Corp. (NJ) said Thursday that it has agreed to acquire 100% of the shares of Gerate- und Pumpenbau GmbH Dr. Eugen Schmidt from its shareholders, through its subsidiary, Nidec Motors & Actuators (Germany) GmbH.

Germany-based Gerate- und Pumpenbau GmbH Dr. Eugen Schmidt is an automotive pump Tier 1 supplier in the European market. It develops, manufactures and sells water pumps, oil pumps and module pumps mainly in Europe.

The consideration for the deal, which is planned to beclosed by the February, 2015, will be paid in cash.

Separately, Nidec said that it has agreed to acquire certain operating assets of China Tex Mechanical & Electrical Engineering Co., Ltd., a China-based electric motor and drive manufacturer, through Nidec Motor (Qingdao) Co., Ltd.

The consideration for the Chinese deal, which is currently expected to close in July 2015, is expected to be paid in cash.