Precision motor-maker Nidec Corp. has agreed to pay $1.2 billion (about ¥120 billion) for the motors, drives and electric power generation business of Emerson Electric Co., adding customers in Europe and North America in its largest purchase ever.
The all-cash deal includes France-based Leroy Somer Holding and businesses based in the U.K., U.S., China and India, Nidec said Tuesday in a statement. Nidec purchased other divisions of St. Louis-based Emerson in 2010.
Nidec, led by 71-year-old billionaire Chairman Shigenobu Nagamori, has announced deals worth about $2.9 billion since 2000 to add more than 40 companies and form the world's biggest maker of precision motors for hard-disk drives. Bringing on the Emerson businesses will help Nidec reach its midterm target of ¥2 trillion ($20 billion) in sales, compared with the ¥1.178 trillion it booked for the year ended March, the Kyoto-based company said in a statement.