Japan's Nidec to take full control of 2 units amid tough competition
TOKYO, April 22
TOKYO, April 22 (Reuters) - Nidec Corp, a top Japanese maker of precision motors, said on Tuesday it will take full control of two subsidiaries through share swaps in a bid to strengthen the group amid tough global competition and weak demand in its core PC, digital camera and other markets.
The transactions, with units Nidec Copal Electronics Corp and Nidec-Read Corp, will take effect on Oct. 1 and their shares will be delisted on Sept. 26, the companies said.
Nidec Copal, which has a market capitalisation of about $483 million, is a producer of small precision electronic parts, while Nidec-Read, with a market value of about $173 million, specialises in testing equipment for printed circuit boards. (Reporting by Dominic Lau; Editing by Chang-Ran Kim)