🚖Nidec and Groupe PSA to Sign Joint Venture Agreement for Automotive Electric Traction Motor.
Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Nidec”) and Groupe PSA, through Nidec Leroy-Somer Holding (the “Nidec Leroy-Somer”), intend to set up a joint venture dedicated to the design, development, manufacture and sale of electric traction motors. For this purpose, Nidec Leroy-Somer and Groupe PSA entered into a joint venture agreement on December 4, 2017. Closing of such transaction remains subject to antitrust clearance and employee representative consultation.
Nidec Corporation
http://www.nidec.com/en-Global/corporate/news/2017/news1204-02/