Johnson Electric Holdings has entered into an agreement to acquire a 49% stake in Nihon Mini Motor from Mitsubishi Materials Corporation for approximately $12.3 million.
Nihon Mini Motor is a designer of micro motors for many audio visual applications, including digital camera, video camera and projectors.
Founded in 1979, based in Saku City, Nagano Prefecture, Japan, it employs 140 employees in Japan and 1,100 employees at a production plant in Dalian, China. Currently, the company has an annual revenue of $45 million.
According to the agreement, Johnson Electric will hold 49% equity and Mitsubishi Materials will retain 2.96% of the shares of Nihon Mini Motor. The remaining 48.04% will continue to be held by 23 shareholders, consisting of individuals, employees and corporations.
The transaction will be completed on 30 April, 2003.