Shigenobu Nagamori is stepping down almost half a century after founding his pioneering motor maker on the family farm.
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The Japanese chipmaker restarted partial production at the plant over the weekend, two days ahead of its original schedule.
The decision came as factions within the firm mounted resistance to a preliminary buyout offer from CVC Capital Partners — where outgoing chief Nobuaki Kurumatani previously worked.
The bid comes as Toshiba faces scrutiny from activists following a series of scandals, including a record fine for faulty accounting and billions of dollars in writedowns.
Kioxia could be valued at ¥3.32 trillion in the current market, said Hideki Yasuda, an analyst at Ace Research Institute.
The auto sector and chip manufacturing are among top export categories for the world’s third-largest economy.
Panasonic is embarking on a corporate revamp that will usher in automotive business head Yuki Kusumi as CEO from April.
Although most who use its products don’t know its name, Nidec’s motors are used in about 85% of the world’s hard drives and it controls almost half of the global market for brushless motors.
The two sides will soon sign a memorandum of understanding and form a 50-50 joint venture for the project, Taiwan media reported.
Chastened by a string of disastrous overseas acquisitions, the industrial giant is once again looking to buy — this time more cautiously and closer to home.