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    6594   JP3734800000

NIDEC CORPORATION

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Nidec : Japan's Nidec announces $1.8 billion Serbia electric motor hub plan

04/09/2021 | 08:55am EDT
Nidec Corp's logo is pictured at an earnings results news conference in Tokyo

TOKYO (Reuters) - Japan's Nidec Corp on Friday said it will spend 200 billion yen ($1.83 billion) over a decade to establish a European production hub in Serbia to manufacture motors for electric vehicles (EV) and household appliances.

Nidec, which is known for making precision motors used in computer hard drives and smartphones, will build the manufacturing centre in Novi Sad, northern Serbia, with completion of the first two factories employing 1,200 people expected in 2022, Jun Seki, Nidec's chief operating officer told at a news conference.

"Eventually we will need 10,000 workers," Seki said. The site will bring together manufacturing capacity currently spread across Europe, he added.

The investment comes as the Japanese company looks to capture a third of the market for energy-saving electric motors, known as e-axles.

Demand is expected to expand by 10 times over the next decade as carmakers accelerate a shift to EV production amid tightening restrictions on carbon emissions and increasing demand from consumers. Nidec supplies e-axles to automakers including China's GAC Motor and France's Peugeot SA, competing for business with the likes of Germany's Bosch and Toyota affiliate BluE Nexus.

Nidec in February announced the 30 billion yen acquisition of a cutting tool business from Mitsubishi Heavy Industries as part of efforts to bolster its EV motor business.

($1 = 109.5000 yen)

(Reporting by Yuki Nitta and Tim Kelly; editing by Jason Neely)


ę Reuters 2021
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Financials
Sales 2022 1 805 B 16 272 M 16 272 M
Net income 2022 152 B 1 366 M 1 366 M
Net Debt 2022 344 B 3 096 M 3 096 M
P/E ratio 2022 51,2x
Yield 2022 0,49%
Capitalization 7 747 B 69 975 M 69 823 M
EV / Sales 2022 4,48x
EV / Sales 2023 4,07x
Nbr of Employees 112 551
Free-Float 84,5%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 13 235,00 JPY
Average target price 15 216,67 JPY
Spread / Average Target 15,0%
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Managers and Directors
Shigenobu Nagamori Chairman & Chief Executive Officer
Jun Seki Executive President, COO & Representative Director
Takayuki Sakurai Co-Chief Financial Officer & Executive Officer
Hidetoshi Yokota Co-CFO, Head-Investor Relations & Accounting
Mikio Katayama Chief Technology Officer & Executive VP
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