Japan-based motor maker Nidec announced it will buy Italian machine tool maker Pama for approximately $108 million (roughly ¥15 billion), according to a company news release and a report from Japanese news magazine Nikkei Asia.
On Nov. 30, Nidec said it passed a resolution to approve purchasing the shares of Pama and its nine affiliates. Last year, Pama reported approximately $124 million in sales (€118 million).
Founded in 1926, Pama today employs about 430 workers. The company’s General Manager, Alessandro Batisti, will continue in his role after the stock acquisition is finalized, Nidec said.
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Nidec is the world’s largest electric motor maker, according to Nikkei Asia. The company produces hard disk drives, home appliance motors and traction motors for electric vehicles.
“The company now wants to develop the machine tools business as its biggest growth engine after EV drive systems,” Nikkei Asia reported.