KYOTO, Japan, July 31, 2014 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced that one of its consolidated subsidiaries, Nidec Tosok Corporation ("Nidec Tosok"), has completed the purchase of land in the state of San Luis Potosi, Mexico, for a planned construction of NIDEC TOSOK de MEXICO, S.A. de C.V. ("New Company") established in May 2014. The New Company slated for construction will mainly undertake the manufacture of automatic transmission control valves targeted at the North American automobile market.
Nidec Tosok expects the New Company to capitalize on broad competitive advantages provided by San Luis Potosi, including proximity to global automakers and their supply-chain participants serving the North American automobile market. The construction of the New Company is part of an initiative aligned with Nidec Group's region-specific market approach that positions Mexico as the key North American production center under its global manufacturing framework.
Details are as follows:
Outline of the New Company
Company name: NIDEC TOSOK de MEXICO, S.A. de C.V.
Location: San Luis Potosi, the United Mexican States
Representative Director and President: Tetsuya Ichikawa
Establishment: May 2014
Line of business: Manufacturing of control valves for automobiles' automatic transmission
Capital: 1.6 billion yen (entirely invested by Nidec Tosok)
Planned investments: 4.5 billion yen for Phase 1 (of a 3-phase construction plan totaling 15 billion yen)
Number of employees: Approximately 800 for Phase 1 (and up to 3,000 after the completion of Phase 3)
Total site area: 87,500 square meters
Factory area: 13,000 square meters (Phase 1)
Completion of factory construction: May 2015 (plan)
Start of production: August 2016 (plan)
CONTACT: Masahiro Nagayasu
Source: Nidec Corporation