NIDEC : Notice on Dismissal of Lawsuit Against Nide
April 31, 2019 at 07:57 pm EDT
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FOR IMMEDIATE RELEASE
Nidec Corporation
Tokyo Stock Exchange code: 6594
Contact:
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com
Released on April 1, 2019, in Kyoto, Japan
Notice on Dismissal of Lawsuit Against Nide
As announced on March 12, 2019 in the 'Notice on Lawsuit Filed Against Nidec', Whirlpool Corporation ('Whirlpool') commenced a lawsuit in the United States District Court for the Southern District of New York (the 'Court') against Nidec Corporation (TSE: 6594; OTC US: NJDCY) ('Nidec'), alleging that Nidec is in breach of its obligations contemplated by the Share Purchase Agreement (the 'SPA') whereby Nidec agreed to acquire their compressor business from Whirlpool.
We would like to inform that the Court spontaneously dismissed the litigation without prejudice on March 27, 2019. Nidec remains focused on obtaining the approval of relevant antitrust authorities and to complete the transaction with Whirlpool as per the SPA.
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Nidec Corporation published this content on 01 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 March 2019 23:56:04 UTC
Nidec Corporation specializes in the development, manufacturing and marketing of small precision motors and automotive and appliance components. Net sales break down by family of products as follows:
- appliances, air-conditioning and industrial equipment motors (40.5%);
- small precision motors (21.9%): pin motors for hard drives, fan motors, vibrating motors, brush motors and motor applications, etc. ;
- automotive components (21.3%);
- machines (12.1%): industrial robots, card readers, test systems, presses and power transmission drives, etc. ;
- electronic and optical components (3.9%): switches, trimmer potentiometers, lens units and camera shutters, etc. ;
- other (0.3%).
The net sales are distributed geographically as follows: Japan (17.8%), China (26.7%), the United States (21.6%), Germany (6.1%), Italy (5.5%), Thailand (5.2%) and other (17.1%).