OSAKA (Kyodo) Precision motor maker Nidec Corp. said Tuesday it will buy Sole Motors, the consumer electronics motor manufacturing operations of Italy's Appliance Components Companies S.p.A., by the end of December to extend its business into Europe.
Because the operations subject to the purchase are currently run by ACC and its unit in Hungary, ACC will set up a special purchase vehicle named Sole Motors prior to the transaction.
Nidec will then buy 100 percent of Sole Motors shares via its subsidiary, Nidec Techno Motor Holdings Corp. The price of the deal has not been disclosed.
ACC's motor manufacturing business posted sales of 190 million euro (about ¥25.6 billion) in the business year through last Dec. 31. It has been producing motors for use in appliances such as washers and dryers.
Nidec, which used to implement corporate mergers and acquisitions, interrupted its acquisition moves after the financial crisis hammered the world's business community last fall.
But it is reactivating the active acquisition strategy as its management reforms have enhanced its profitability, it said.