Japan's Nidec says to buy 2 U.S. motor makers
TOKYO, Sept 20
TOKYO, Sept 20 (Reuters) - Japan's Nidec Corp, a leading maker of micro motors used in electronic devices, said on Thursday it had agreed to buy two U.S. motor makers as it aims to expand its reach into larger, industrial-use motors.
Nidec will use cash on hand and bank loans to acquire all of Illinois-based Kinetek Inc, a maker of mid- to large-sized motors for industrial equipment, and Ohio-based Avtron Industrial Automation Inc, which is strong in control motors for cranes and conveyors. Both companies are unlisted and held by two U.S. investment funds.
Nidec did not disclose a purchase price, but the Nikkei business daily reported on Thursday it would pay about $500 million for the two companies.
The acquisitions come on the heels of Nidec's purchase of Italian industrial motor maker Ansaldo Sistemi Industrial SpA in May.