Nidec Unit Nidec Sankyo To Buy Glass Lenses Maker NAGATA INDONESIA

(RTTNews) - Nidec Corp. (NJ), a Japanese manufacturer of electric motors and related components, announced Wednesday that its unit Nidec Sankyo Corp. has agreed to acquire PT. NAGATA OPTO INDONESIA, a manufacturer of glass lenses for automotive cameras, from its founding family.

For this purpose, Nidec Sankyo entered into a share purchase and transfer agreement with the founding family of NAGATA INDONESIA.

The consideration will be in cash, and the closing of the deal is expected in mid September.

NAGATA INDONESIA, which employs 306 persons as of June 30, reported fiscal 2014 sales of $3.94 million.

Nidec noted that NAGATA INDONESIA's strength is in the processing of glass lenses for automotive cameras, while Nidec Sankyo has its own strength in the plastic lens unit business for automotive cameras.

With the acquisition, Nidec Sankyo aims to further grow its strategically vital automotive products business as certain types of automotive cameras for use in harsh operational environments require glass lens elements.

Further, in anticipation of significant glass lens market expansion, Nidec Sankyo will fully cooperate with NAGATA SEISAKUSHO CO., LTD. or Nagata S.S., NAGATA INDONESIA's group company, in connection with Nidec Sankyo's expansion of glass lens unit production.

Nidec Sankyo and its unit will jointly acquire the shares of NAGATA from its founding family.

In Japan, Nidec shares settled at 9,831 yen on Wednesday, down 1.68 percent.