Nidec To Sell Secop Compressor Business To ESSVP IV; Terms Not Disclosed

(RTTNews) - Nidec Corp. (NJDCY.PK), a Japanese manufacturer of electric motors, announced Monday the sale of its Secop Compressor business to ESSVP IV L.P., ESSVP IV (Structured) L.P. and Silenos GmbH & Co. KG, advised by Orlando Management.

Two Nidec subsidiaries, Nidec Europe B.V. and Nidec Americas Holding Corp. will sell Nidec's entire compressor business. The terms of the deal were not disclosed.

The current deal is subject to regulatory approvals in Germany, Austria and Spain, as well as the approval of the European Commission.

Nidec said the sale was after its commitment to the European Commission related to the commission's approval of Nidec's acquisition of Embraco from Whirlpool Corp.