Nidec Completes Acquisition of Kinetek
Deerfield, IL (November 2, 2012) – Nidec Corporation (NYSE: NJ), a multi-billion dollar global manufacturer of small and medium sized motors, and Kinetek, Inc., a leader in the development of custom engineered control, motor and drive system solutions, jointly announced today that Nidec has completed the acquisition of Kinetek. The companies had previously announced the acquisition agreement on September 20, 2012. Kinetek’s leadership in elevator, floor care, commercial food/refrigeration, material handling, aerial lift and golf car market segments will expand and strengthen the commercial segment of St. Louis-based Nidec Motor Corporation, a Nidec Group company.
“Kinetek is truly a leader in the design of innovative, custom-engineered product solutions for world class customers,” said Patrick Murphy, president of the Appliance, Commercial and Industrial Motors (ACIM) business of Nidec Corporation. “Their global engineering talent and manufacturing capabilities will enhance our engineered motor and control solutions capability, and provide access to important markets and growth opportunities. We are very excited to have the Kinetek team join Nidec.”
Kinetek will operate as part of Nidec Motor Corporation (NMC), a leading manufacturer of commercial, industrial, and appliance motors and controls. NMC was formed in 2010 when Nidec purchased the motors and controls business of Emerson Electric. It is anticipated that Kinetek operating companies will continue to operate as independent business units as they did prior to the acquisition — with limited business practice changes visible to its customer base.
“We are impressed with the vision, commitment and people of Nidec, and are excited to be part of Nidec moving forward,” said Randy Bays, Kinetek president and CEO. “This new relationship provides a terrific opportunity to continue to build on the strengths and values we’ve developed at Kinetek and our operating companies. We look forward to continued success with Nidec.”
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