Precision motor manufacturer Nidec Corp. said Thursday it will buy out a Mitsubishi Materials Corp. subsidiary that makes motors for automobiles as it prepares to jump into the growing market for such products.
The acquisition of Mitsubishi Materials C.M.I. Corp. will enhance Nidec's product lineup, which has been focused on motors for computer hard drives, digital cameras, gaming consoles and other electronic products with quickly maturing markets, it said.
The cost of the transaction, which it plans to complete by the year-end, is estimated at ¥10 billion.