Description of business – Markets Insider

KYOTO, Japan, May 01, 2018 (GLOBE NEWSWIRE) — Nidec Corporation (TSE:6594) (OTC US:NJDCY) today announced that its subsidiary, Nidec Sankyo Corporation (“Nidec Sankyo”) has completed the acquisition of 100% equity shares of Genmark Automation, Inc. (“Genmark”) in line with its previous announcement titled “Nidec to Acquire Genmark Automation, Inc., an US Semiconductor Wafer Handling Robot Manufacturer” dated April 24, 2018. As a result of this transaction, Genmark has become a consolidated subsidiary of Nidec Sankyo, as outlined below:

1.               Outline of New Subsidiary (As of May 1, 2018)

  1. Company name
Genmark Automation, Inc.
  1. Headquarters
46723 Lakeview Blvd.
Fremont, California 94538 U.S.A.
  1. Name and title of representative person
CEO: Yuji Shioga
  1. Description of business
Develops, manufactures and sells semiconductor wafer handling robots, motion control products and integrated tool automation
  1. Establishment
August 15, 1989
  1. Major shareholder and percentage of shareholding
Nidec Sankyo: 100%
   

2.               Future Operation Policy

Nidec Sankyo will utilize Genmark’s product development and production capabilities to strengthen its product lineup and global network, which will allow cross sales between Nidec Sankyo and Genmark. Nidec Sankyo aims to further grow by capturing demand of expanding semiconductor market.

3.               Effect on Financial Performance for the Current Fiscal Year

This transaction is expected to have no significant impact on Nidec Corporation’s consolidated financial performance for the fiscal year ending March 31, 2019.
                      
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the intent, belief, strategy, plans or expectations of the Nidec Group or other parties. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, the risks to successfully integrating the acquired business with the Nidec Group, the anticipated benefits of the planned transaction not being realized, changes in general economic conditions, shifts in technology or user preferences for particular technologies, other risks relating to the successful consummation of the planned transaction, and changes in business and regulatory environments. The Nidec Group does not undertake any obligation to update the forward-looking statements contained herein or the reasons why actual results could differ from those projected in the forward-looking statements except as may be required by law. 

Contact:
  Masahiro Nagayasu
  General Manager
  Investor Relations
  +81-75-935-6140
  rel=”nofollow” target=”_blank”>ir@nidec.com
   

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