NIDEC CORP ADR - NJDCY STOCK NEWS

Nidec Corporation (OTC US: NJDCY) announced that an extraordinary meeting of its Board of Directors on March 10, 2023, led to the appointment of five new Executive Vice Presidents, effective April 1, 2023. These appointments align with the company's selection policy determined by the Nomination Committee. One of the new Executive Vice Presidents will be named President in April 2024. The executives include Toshiyuki Otsuka, Tatsuya Nishimoto, Yoshihisa Kitao, Toshihiko Koseki, and Mitsuya Kishida, all of whom bring diverse leadership roles within Nidec's various business units.

Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) has expressed its condolences to the victims of the February 6 earthquake in Turkey and Syria. In a show of support, the company has pledged a donation of 10 million yen to the Japanese Red Cross Society to aid in recovery efforts. Nidec reiterates its solidarity with those impacted and commends the rescue workers involved in the relief operations.

Nidec Corporation (OTC US: NJDCY) announced its share repurchase status as part of an ongoing buyback plan approved on January 24, 2023. The repurchase period from February 1, 2023 to February 28, 2023 saw the company buy back 730,000 shares for a total of 5,029,141,500 yen. This buyback aligns with a broader goal to repurchase up to 5,000,000 shares over a year, representing 0.87% of total shares issued. The total allowable repurchase amount stands at 35 billion yen.

Nidec Corporation has successfully completed the acquisition of PAMA S.p.A, an Italian machine tool manufacturer, as of February 1, 2023. PAMA becomes a wholly owned subsidiary, aiming to enhance Nidec's machine tool business strategy. PAMA, founded in 1926 and headquartered in Rovereto, Italy, holds a significant market share in boring and milling machines. The combined annual sales of Nidec's machine tool companies are approximately 87 billion yen, with ambitious targets of over 260 billion yen by 2025 and 500 billion yen by 2030. The acquisition is not expected to materially impact Nidec's financial performance for the current fiscal year.

Nidec Corporation (OTC US: NJDCY) announced the status of its share repurchase plan initiated on January 24, 2023. The company is authorized to repurchase up to 5,000,000 shares, which represents 0.87% of the total shares issued, excluding treasury stock. The total repurchase amount is set at 35 billion yen. However, from January 25, 2023 to January 31, 2023, Nidec reported buying back 0 shares for a total amount of 0 yen.

Nidec Corporation (OTC: NJDCY) has announced a new share repurchase plan, authorized by its Board of Directors on January 24, 2023. The plan allows for the repurchase of up to 5 million shares, amounting to 35 billion yen, representing approximately 0.87% of total shares issued. The repurchase period extends from January 25, 2023, to January 24, 2024. This initiative is aimed at enhancing agile capital management in response to the evolving business landscape. As of December 31, 2022, the company had 574,760,302 shares issued, with 21,524,166 shares held in treasury.

Nidec Corporation (OTC US: NJDCY) has reported its consolidated financial results for the period from April 1, 2022, to December 31, 2022. The company achieved record net sales of ¥1,699.7 billion, an increase of 20.8% year-over-year. However, operating profit fell 6.8% year-over-year to ¥124.4 billion. Notably, profit before income taxes and profit attributable to owners rose 9.7% and 4.8%, respectively, both at record levels. Due to market challenges, Nidec announced structural reform expenses and revised its full-year outlook. The company is initiating WPR-X, aimed at enhancing profitability and achieving a V-shaped recovery in FY2023.

Nidec Corporation has revised its IFRS-based consolidated financial forecasts for the year ending March 31, 2023. The updated forecast estimates net sales at ¥2,200,000 million, an increase of 4.8% from the previous forecast of ¥2,100,000 million. However, operating profit is expected to decline significantly to ¥110,000 million, down 47.6% from a prior forecast of ¥210,000 million. The revision is attributed to declining shipments in IT equipment and home appliances, a delayed automotive production recovery, and a slump in demand for EV-related products due to supply chain disruptions in China.

Nidec Corporation (OTC US: NJDCY) has initiated legal action against Diamond, Inc. following defamation claims made in multiple publications, including Diamond Online and Diamond Weekly. The lawsuit was filed on January 24, 2023, at the Tokyo District Court, seeking damage compensation, removal of false articles, and apology advertisements. The defendants are accused of making unfounded claims regarding executive dismissals and staffing issues within Nidec. The company regards these reports as false and damaging to its reputation and is committed to upholding business practices in accordance with legal standards.