Nidec Announces that Takisawa Consolidates Shares and Becomes a Wholly Owned Subsidiary of Nidec

KYOTO, Japan--(BUSINESS WIRE)--Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the “Company”) announced today that Takisawa Machine Tool Co., Ltd. (“Takisawa”) has passed a resolution at its extraordinary general meeting of shareholders held on January 12, 2024, to consolidate 900,000 of its common shares into one, and that the consolidation has taken effect today. With this share consolidation, Takisawa has become a wholly owned subsidiary of the Company.

The aforementioned share consolidation is based on the Company’s November 20, 2023 press release, “Notice Regarding the Completion of Purchase and Settlement of Tendered Shares Certificates, etc. in Tender Offer of Takisawa Machine Tool Co., Ltd. (Securities Code: 6121) and its Entry to Nidec Group,” which informed that Takisawa would become a subsidiary of the Company, and that squeeze-out procedures would be carried out to make Takisawa a wholly owned subsidiary of the Company.

Takisawa is already deepening its ties with the Nidec Group in a variety of areas including management, business, and administration. Going forward, to achieve the target of becoming the world’s leading comprehensive machine tool manufacturer, the Nidec Group will make decisions swiftly for Takisawa and manage it efficiently for its businesses’ expansion and growth.