Nidec to acquire Secop’s Delta compressor line
JAPAN: Japanese electric motor company Nidec is to acquire Secop’s Delta hermetic refrigeration compressor production line, part of the business it was forced to sell last year.
Nidec has signed a definitive agreement with Secop Austria GmbH to acquire the Delta production line from Secop through its sub-subsidiary Nidec Global Appliance Italy Srl and its Austrian company.
Nidec acquired Secop for €185m in 2017. The former Danfoss Compressors GmbH business was renamed Secop when it was acquired by German industrial holdings company Aurelius in 2010. Nidec was forced to sell Secop last year as part of the conditions imposed by the European Commission following its acquisition of compressor manufacturer Embraco.
When Secop Austria’s new owners announced in October that it would discontinue manufacturing of compressors for household refrigeration appliances in Fürstenfeld, Nidec stepped in.
With this transaction, Nidec and Secop aim to preserve as many jobs as possible at the site in Fürstenfeld, Austria. Nidec will take over approximately 40 employees for the production of household refrigeration compressors on the Delta line and has already retained 47 employees for the production of motors for washing machines and dish washers.
In addition, Secop will retain and strengthen its group headquarter in the Fürstenfeld area and retain in excess of 80 employees. In total, more than 170 of the current 300 jobs at the Fürstenfeld site will be saved.
Secop will transfer its second Austrian production line for the production of Kappa refrigeration compressors, which was not for sale, to its European production facility in Zlaté Moravce, Slovakia.
Nidec says it has been in close communication with the European Commission with regard to the proposed acquisition. Closing of the Transaction is conditional on approval by the European Commission which Nidec expects shortly.
Related stories:
Nidec to sell Secop compressor business – 23 April 2019
JAPAN: Nidec will sell its Secop compressor business to private equity funds ESSVP IV LP, ESSVP IV (Structured) LP and Silenos GmbH & Co KG. Read more…
EC clears Embraco deal but Nidec must sell refrigeration business – 12 April 2019
EUROPE: The acquisition of compressor manufacturer Embraco by Japanese company Nidec has been approved by the European Commission, but Nidec must sell its domestic and light commercial refrigeration compressor business. Read more…
Whirlpool confirms Embraco sale – 24 April 2018
USA: Whirlpool has confirmed its intention to sell the Embraco compressor business to the Japanese Nidec Corporation, with the transaction expected to close in early 2019. Read more…
Whirlpool confirms Embraco sale – 24 April 2018
USA: Whirlpool has confirmed its intention to sell the Embraco compressor business to the Japanese Nidec Corporation, with the transaction expected to close in early 2019. Read more…
Nidec completes Secop purchase – 1 August 2017
JAPAN/GERMANY: Nidec is to expand further into the refrigeration market following the completion of its acquisition of German hermetic compressor manufacturer Secop. Read more…
Nidec to acquire Secop for €185m – 25 April 2017
JAPAN/GERMANY: Japanese electric motor company Nidec is set to acquire hermetic compressor manufacturer Secop for €185m. Read more…
