KYOTO, Japan, Feb. 4, 2011 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) announced today that its has resolved at a meeting of the Board of Directors held on February 5, 2011 to repurchase its own shares, pursuant to Article 459, Paragraph 1, Item 1 of the Company Law of Japan.
Reason for Share Repurchase
This resolution is intended to ensure agile capital management highly responsive to the changing business environment.
Details of Share Repurchase
- Class of shares: Common stock
- Total number of repurchaseable shares: Up to 3,000,000 shares (2.07% of total number of shares issued)
- Total repurchase amount: Up to 25 billion yen
- Period of repurchase: Between February 7, 2011 and February 6, 2012
Reference
Total number of shares issued and treasury stock as of February 4, 2011:
- Total number of shares issued (excluding treasury stock): 139,151,390 shares
- Treasury stock: 5,923,690 shares
Regarding Forward-looking Statements
This press release contains forward-looking statements that are based on Nidec's current expectations, including statements regarding Nidec's plans and expectations with respect to its share repurchase program. Factors that could cause actual results to differ materially from those contained in such forward-looking statements include, but are not limited to: future alternative uses for cash, future competing investment opportunities and general economic, business and market conditions. Nidec assumes no obligation to, and does not currently intend to, update these forward-looking statements.
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CONTACT: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 ir@jp.nidec.com