International. Nidec Corporation announced that on July 2 the company completed the acquisition of Whirlpool Corporation's Embraco compressor business, following approval by the European Commission on June 26, 2019.
This acquisition was made in line with the acquisition plan announced on April 24, 2018 in the Company's press release titled "Nidec to Acquire Whirlpool Corporation's Compressor Business."
As a result of this acquisition, Embraco and its subsidiaries became subsidiaries of Nidec. In addition, certain customary post-closing filings and filings related to the acquisition of two subsidiaries at Embraco in China are expected to be completed by September 30, 2019.
Nidec has been actively developing a new growth platform with a particular focus on application, commercial and industrial businesses. As part of this strategy, the company is pursuing strategic acquisitions in the appliance industry. For this purpose, Nidec has created a new division called Nidec Global Appliance Division, which consists mainly of Nidec Sole Motor Corporation S.R.L. was acquired in January 2010 and the appliance business of Nidec Motor Corporation was acquired in September 2010. In July 2017, Nidec acquired the Secop group (currently Nidec Global Appliance Compressors GmbH, etc.), which allowed the Company to enter the domestic and commercial refrigeration compressor market. In combination with the Embraco business, Nidec set out to further expand its refrigeration compressor business.
However, Nidec through two Nidec subsidiaries, will sell its compressor business, Secop, to ESSVP IV LP, ESSVP IV LP, and Silenos GmbH & Co. KG, as a condition for the European Commission to approve Nidec's acquisition of Embraco.
