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News Breaks | | | | September 20, 2012 | | 05:29 EDT |  | NJ | Nidec to acquire Kinetek Group and Avtron Industrial Automation
Nidec announced that it has agreed to acquire all of the shares in Kinetek Group, a U.S.-based commercial motor manufacturer, from its shareholders, including the Resolute Fund, L.P. , a private equity fund, and to acquire all of the shares in Avtron Industrial Automation, a U.S.-based industrial automation system provider, from its shareholder, Morgenthaler, a private equity fund. For these purposes, the company entered into a definitive agreement with each of the shareholders on Sept. 19, 2012. Assuming that the acquisitions of Kinetek and Avtron are completed as currently contemplated, as a result of the acquisitions of ASI, Kinetek and Avtron, the company has set target net sales of JPY230B for FY14 for its general motors for appliance, commercial and industrial use, or ACIM, business, formerly the general motors for home appliance and industrial use business, net sales from which for FY12 were JPY124B. The company expects that it will be in a better position to achieve its aspiration of "profit margins of 15% or more in all business areas" with respect to the ACIM business in 2015. | |
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