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☆ Japan Business Leaders Return to China Seeking to Bolster Cooperation
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Japanese economic delegations had visited China every year since 1975, but those visits lapsed during the COVID-19 era when China largely shuttered its borders due to its stringent pandemic policies. During their visit this week, the Japanese business delegates, which included Masakazu Tokura, chairman of the powerful Keidanren, as the Japan Business Federation is known, are due to meet with Chinese Premier Li Qiang on Thursday. Japan is heavily reliant on China, where Japanese companies have for years invested in building manufacturing supply chains and forged relationships with local partners. China last year arrested a Japanese executive, an employee of the drugmaker Astellas Pharma, on suspicion of espionage. The move has had a chilling effect on business, Japanese officials say.

Persons: Masakazu Tokura, Premier Li Qiang, Fumio, Xi Jinping, Wang Yi, Gamble, Ryan Woo, Miyoung Kim, David Dolan, Michael Perry Organizations: Japan Business, Premier, Pharma, Procter, SK, Nidec Corp, Toyota, Nissan Locations: BEIJING, China, Japan, United States, Kishida, Greater China, Beijing, Singapore, Tokyo

☆ Nidec shares slump over 9% after it retains annual profit outlook
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Oct 24 (Reuters) - Nidec (6594.T) shares tumbled more than 9% on Tuesday after the electric motor maker kept its annual profit outlook unchanged the previous day despite reporting a rise in quarterly profit. Some analysts said the unchanged profit outlook of 220 billion yen ($1.47 billion) for the current year to March 2024 came short of market consensus, while also voicing concerns over declining margins in the Chinese automotive business. "We are still concerned about the outlook for the Chinese EV market and the shift to lower output motors, which is impacting profitability." After the market close on Monday, the Kyoto-based company announced a 7.6% rise in quarterly operating profit, helped by stronger sales and a weaker yen currency. The company's shares were trading down 9.2% by mid-morning, after being untraded with a glut of sell orders earlier in the day.

Persons: Kim Kyung, Mark Chadwick, Mariko Katsumura, Jacqueline Wong Organizations: REUTERS, Rights, EV, Thomson Locations: Tokyo, Japan, China, Kyoto

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

☆ Nidec's acquisitive CEO hails new Japan rules aimed at making takeovers easier
▼ + stars: | 2023-07-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

[1/2] Nidec Corp's logo is pictured at an earnings results news conference in Tokyo, Japan, July 25, 2018. Nagamori welcomed the prospect of Japan becoming more receptive to unsolicited bids. Because unsolicited bids are seen as taboo, Nidec has typically focused on buying and turning around money-losing companies, he said, but "that takes time". In corporate Japan, unsolicited bids have been seen as too adversarial. he said, referring to Nidec's tender offer price with an 80% premium.

Persons: Kim Kyung, Shigenobu Nagamori, Nagamori, Nidec, Makiko Yamazaki, Miho Uranaka, Robert Birsel Organizations: REUTERS, Thomson Locations: Tokyo, Japan, TOKYO

☆ Japan's Nidec posts first quarterly loss in 10 years
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

Companies Nidec Corp FollowTOKYO, April 24 (Reuters) - Japanese electric motor maker Nidec Corp (6594.T) on Monday posted its first quarterly operating loss in a decade, of 24.3 billion yen ($181.01 million), hit by hefty restructuring costs and difficulty in procuring semiconductors and other components. The result for the January-March fourth quarter compared to an average estimate for a 11.75 billion yen loss in a survey of eight analysts by Refinitiv. It also compared to a 36.9 billion yen profit in the same period a year earlier. "The business environment surrounding Nidec continues to be severe," the company said in a statement. For the business year that began April 1, the Kyoto-based firm forecast operating profit of 220 billion yen, versus an average 210.87 billion yen forecast by 21 analysts.

☆ Japan's Nidec lines up five execs as chairman contenders
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 13 (Reuters) - Japanese electric motor company Nidec Corp (6594.T) on Monday lined up five contenders to eventually take the reins as chairman from the firm's no-nonsense 78-year-old founder, Shigenobu Nagamori. Nidec said its board of directors had on Friday decided to name five people Executive Vice Presidents (EVP) from April 1. After serving four years as President, this person will be appointed as Chairman, Nidec said, as it seeks to bring an end to the saga. "I will gradually move away from work after that," Nagamori told reporters during an online news conference on Monday. Toshiyuki Otsuka, Tatsuya Nishimoto, Yoshihisa Kita, Toshihiko Koseki and Mitsuya Kishida were the five named as EVPs.

☆ Taiwan's Foxconn taps former Nissan and Nidec heavyweight Seki for EV business
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nissan Motor executive officer and vice-COO Jun Seki speaks during a news conference at Nissan Motor headquarters in Yokohama, Japan, December 2, 2019. Seki had been recruited to Nidec from Nissan by Nidec's hard-driving founder Shigenobu Nagamori in 2020 to help Nidec become a major player in components for next-generation automobiles. Seki spent three decades at Nissan, including a stint heading its China business. He was widely seen as a contender for chief executive, but was passed over for the current chief, Makoto Uchida. He left Nissan for Nidec not long after being charged with leading the automaker's turnaround plan.

The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. He will hand over to Koji Sato, the 53-year-old head of Toyota's luxury Lexus brand. "It's likely that he'll remain active as chairman for a long time and continue to put his mark on Toyota." "Toyota is a public company that likes to pretend it's a family company," said John Shook, a former Toyota manager who now consults on the lean management techniques pioneered by the automaker. "Choosing someone who is much younger and with Sato's background indicates Akio recognised the time for change had come."

TOKYO, Jan 27 (Reuters) - Toyota Motor Corp (7203.T) chief Akio Toyoda is set to remain a dominant force inside the world's largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. "It's likely that he'll remain active as chairman for a long time and continue to put his mark on Toyota." "Toyota is a public company that likes to pretend it's a family company," said John Shook, a former Toyota manager who now consults on the lean management techniques pioneered by the automaker. "Choosing someone who is much younger and with Sato's background indicates Akio recognised the time for change had come."

☆ Nidec shares slide 7% after profit forecast cut
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

After markets closed on Tuesday, the company announced a 48% cut to its operating profit forecast for the financial year through March to 110 billion yen ($843 million), well below analysts expectations. The third-quarter result, which saw the Kyoto-based firm report an operating profit of 28 billion yen, down 37% from a year earlier, delivered investors a negative surprise, said Kazuyoshi Saito, senior analyst at Iwai Cosmo Securities. Investors were likely to seek some evidence of the recovery the company is expecting, Saito added. Nidec faces weakening demand in the tech sector due to a downturn in the personal computer and data centre market. ($1 = 130.35 yen)Reporting by Daniel Leussink; Editing by Jacqueline Wong and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Nidec slashes full-year operating profit forecast on weak demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

The company cut its operating profit forecast for the financial year through March by 48% to 110 billion yen ($845 million). That was worse than expectations for a full-year operating profit of 202.5 billion yen based on estimates from 20 analysts, Refinitiv data showed. For the third quarter through December, the Kyoto-based firm reported an operating profit of 28 billion yen, down 37% from 44.3 billion yen a year earlier. That was also lower than a 51.34 billion yen average profit estimated by six analysts. Nidec, which will mark its 50-year anniversary in July, forecast last quarter that its e-axle business will reach profitability in the financial year starting from April.

☆ Japan's Nidec posts 16% jump in Q2 operating profit to record
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

The Kyoto-based company reported 51.71 billion yen ($347.21 million) in operating profit for the three months through September, just short of a 52.3 billion yen average of five analyst estimates, according to Refinitiv data. A year earlier, it earned 44.59 billion yen. Nidec's shares dipped 2.9% during the second quarter and have dropped 41.1% this year so far. The company kept its full-year operating profit forecast of 210 billion yen for the year ending March 31. That compared with the 211 billion yen average of 21 analyst forecasts.

☆ Japan's Nidec says no truth to report about inappropriate buybacks
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 11 (Reuters) - Japan's Nidec Corp (6594.T) said on Tuesday it was "absolutely not true" that it had engaged in inappropriate handling of share buybacks, responding to a report from magazine Toyo Keizai. Nidec, a major manufacturer of electric motors, said it was considering various options, including taking legal action against the publication. A spokesperson for Toyo Keizai was not immediately available for comment. Shares of Nidec finished the morning session in Tokyo down 8.7%. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Dolan and Satoshi SugiyamaOur Standards: The Thomson Reuters Trust Principles.

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