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Nidec Corporation (ADR) (NYSE: NJ) announced Friday morning it has entered into an agreement to acquire an approximate 94.8 percent stake in ANA IMEP, a Romania-based company involved in the development, manufacturing and sales of washing machine and drying machine motors.
Nidec is a Japan-based global leader in the electric motor market with a market capitalization of over $20 billion. Its newest acquisition recorded sales of 14.8 million euro for the fiscal year ending December 31, 2015.
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Nidec stated that its acquisition will put itself on path toward achieving sales of 2 trillion yen ($18.07 billion), an operating margin ratio above 15 percent and return on equity above 18 percent in fiscal 2020.
The company added that the acquisition is also expected to "enhance the competitiveness of its appliance motor business in the European market and obtain IMEP's major customers."
Nidec also plans to build a major manufacturing facility base in Romania for its Appliance, Commercial and Industrial Motors (IMPE) business. The company highlighted the fact that Romania is a cost-efficient country with a qualified labor force.
Nidec will utilize cash on hand to finance the transaction. The deal is expected to be completed between late May to early June.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.