NIDEC CORP ADR - NJDCY STOCK NEWS

Nidec Corporation (TSE: 6594; OTC US: NJDCY) has announced a share exchange agreement to make Nidec OKK Corporation (TSE: 6205) a wholly owned subsidiary. The share exchange is set to be effective on March 1, 2023, following shareholder approval scheduled for February 15, 2023. Nidec will utilize a simplified process as outlined in the Companies Act, without requiring its shareholder approval. Nidec OKK's shares are expected to be delisted from the Tokyo Stock Exchange on February 27, 2023, ahead of the share exchange's effective date.

Nidec Corporation has successfully established a joint venture with FREYR Battery to produce battery modules and packs for energy storage solutions. Named Nidec Energy AS, this venture is located in Oslo, Norway, with a production base in Mo i Rana, Norway. Expected to start mass production in 2025, the joint venture aims to manufacture over 8 GWh of battery capacity annually by 2027, increasing to 12 GWh by 2030. This partnership leverages FREYR's advanced battery technology and Nidec's expertise in energy systems, with an estimated investment of over $127 million by 2030.

Nidec Corporation (TSE: 6594; OTC US: NJDCY) announced the acquisition of Italian machine tool manufacturer PAMA and its nine affiliates on November 30, 2022. The acquisition aims to create synergies in production, sales, and product development, enhancing Nidec's presence in the machine tool market. This strategic move follows Nidec's earlier acquisitions of Mitsubishi Heavy Industries Machine Tool Co. and OKK Corporation. The Stock Acquisition is projected to have no significant financial impact for the fiscal year ending March 31, 2023.

Nidec Corporation has filed a civil lawsuit against Toyo Keizai Inc. and associated individuals for defamation. The lawsuit, submitted to the Tokyo District Court on October 24, 2022, demands an apology advertisement, damage compensation, and removal of a false article claiming insider trading related to Nidec's acquisition of treasury stock. Nidec asserts the article misinterprets regulations from the Financial Services Agency, which maintains that such acquisitions do not constitute insider trading if no insider information is present. The company aims to protect its reputation and clarify the truth.

Nidec Corporation (OTC US: NJDCY) reported its financial results for the six months ending September 30, 2022, showing a significant increase in key metrics compared to prior forecasts. Net sales reached 1,130,767 million yen, exceeding expectations by 180,767 million yen or 19%. Operating profit was 96,368 million yen, slightly above the forecast by 1,368 million yen, while profit before income taxes surged to 118,375 million yen, marking a 27.3% increase. The favorable results were attributed to a greater-than-expected depreciation of the yen against the US dollar and euro.

Nidec Corporation (TSE: 6594, OTC US: NJDCY) reported strong financial results for the six months ending September 30, 2022. Net sales surged to a record ¥1,130.8 billion, marking a 24.2% year-over-year increase. Operating profit also achieved a record high, rising 8.1% to ¥96.4 billion. Profit before income taxes grew by 35.9% to ¥118.4 billion, while profit attributable to owners of the parent increased by 30.1% to ¥86.6 billion. Earnings per share were ¥150.31, reflecting significant growth in profitability across all metrics.

Nidec Corporation (TSE: 6594) (OTC US: NJDCY) responded to Toyo Keizai Online’s recent article raising doubts about its treasury stock acquisition. The company asserts that these claims stem from misunderstandings and are defamatory. Following communication from Toyo Keizai on October 20, 2022, Nidec emphasized that the publication's report did not consider its response. In light of the repeated allegations, Nidec is preparing to pursue legal action against Toyo Keizai to defend its reputation. The company will provide updates as necessary.

Nidec Corporation (OTC US: NJDCY) has responded to an article published on October 7, 2022, by Toyo Keizai Online, which alleged inappropriate processing in its treasury stock acquisition. Nidec asserts that these claims are unfounded and maintains full compliance with relevant laws and regulations. The company is also considering legal action against the media outlet for its misleading statements.

Nidec Corporation (TSE: 6594; OTC US: NJDCY) has completed a significant share repurchase program.

From September 1 to September 7, 2022, the company repurchased 299,600 shares for a total of 2.69 billion yen, part of a larger plan authorized on April 21, 2022, allowing up to 5.5 million shares to be repurchased for a maximum of 50 billion yen. Overall, 5.5 million shares have been repurchased for 46.67 billion yen under this initiative, signaling strong confidence in shareholder value and financial stability.