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Nidec

is a multinational headquartered in , specializing in the development, manufacture, and sale of electric motors and related precision components. Founded on July 23, 1973, by Shigenobu Nagamori as Nippon Densan Corporation, it changed its official Japanese legal name to Nidec Kabushiki Kaisha in April 2023. It has grown into the world's largest comprehensive motor manufacturer, producing everything from miniature precision motors to large-scale industrial ones used in applications that "spin and move." With approximately 104,000 employees worldwide as of March 2025, Nidec operates through a network of subsidiaries and generates annual revenues of approximately $17.5 billion for 2024 (ended March 31, 2025), primarily from segments including small precision motors, automotive motors, and commercial/industrial applications. Under Nagamori's leadership as and executive chairman, Nidec began with just four employees in a small prefabricated facility, focusing initially on spindle motors for hard disk drives (HDDs), which propelled its early growth in the sector. expanded aggressively through acquisitions and innovation, becoming a key supplier to industries such as consumer appliances, automotive (including components), office , and commercial equipment. By the 2010s, Nidec had achieved global dominance in motor production, with a presence in over 40 countries and a commitment to advancing technologies like brushless DC motors and semiconductor-related components. Nidec's product portfolio encompasses a wide array of motors—such as those for home appliances, machinery, and electronics—alongside electronic and optical components, supporting diverse markets from data storage to renewable energy systems. The company emphasizes sustainability and technological leadership, investing heavily in R&D to address electrification trends in automotive and industrial sectors, while maintaining its core philosophy of becoming "No. 1 in everything that spins and moves." Initial reports for fiscal year 2024 indicated operating profits surpassing previous records; however, in 2025, investigations revealed accounting irregularities at a Chinese subsidiary, leading to financial statement corrections and retracted earnings guidance.

Company Overview

Founding and Headquarters

Nidec Corporation was founded on July 23, 1973, by Shigenobu Nagamori in , , with an initial capital of 20 million yen. The company began operations in a modest prefabricated shed in the Nishikyo-ku district of , employing just four people, including Nagamori himself. Originally named Nippon Densan Kabushiki Kaisha (Nippon Densan Corporation), it was established to manufacture and sell small precision motors, reflecting Nagamori's ambition to lead in motor technology from the outset. The company's early emphasis was on developing compact, high-performance motors, particularly spindle motors for hard disk drives, which became a cornerstone of its initial growth. By , Nidec had begun production of these motors for 8-inch hard disk devices, capitalizing on the emerging demand for reliable solutions in . Nagamori's vision, encapsulated in the motto "everything that spins and moves," drove this focus, aiming to dominate markets involving rotational and linear technologies. Nidec's headquarters remain in Kyoto, specifically at 338 Kuzetonoshiro-cho, Minami-ku, serving as the central hub for administration, strategic decision-making, and . The location hosts key facilities, including the Central Technical Laboratory and the nearby Nidec Keihanna Technology Center, which support core innovations in motor design and . In April 2023, to mark its 50th anniversary and enhance its global identity, the company changed its Japanese name from Nihon Densan to Nidec , aligning more closely with its international operations while retaining the English name Nidec Corporation.

Corporate Structure and Operations

Nidec Corporation is a publicly traded company listed on the Prime Market of the under the ticker symbol . The company maintains a complex comprising 341 consolidated subsidiaries as of September 30, 2025, which support its extensive global network of production facilities and administrative bases spanning multiple continents. This organizational framework enables coordinated operations across diverse markets, with a focus on integrating subsidiaries for efficient and strategic oversight. As of March 31, 2025, Nidec employs approximately 104,285 consolidated employees worldwide, with the majority concentrated in due to its manufacturing hubs, alongside significant numbers in the and to support regional sales and innovation activities. These employees contribute to various functions, including , , and , reflecting the company's emphasis on a skilled global workforce. Nidec's major operational bases include key production sites in for core manufacturing, (featuring nine facilities such as the Nidec Automotive Motor plant in for automotive components), the (including Nidec Motor Corporation for industrial motors), and (with three sites like NIDEC GPM in for pump modules). Administrative offices complement these by handling R&D, manufacturing oversight, and sales; notable examples encompass seven R&D centers in (e.g., Nidec Central Technical Laboratory for fluid dynamic bearing technology), six in (such as Nidec for traction motors), one in the (Nidec Automotive Motor Americas), and two in (e.g., Nidec Motors & Actuators in for automotive systems). The company's centers on across the motor production , from raw material sourcing and design to final assembly and distribution, which enhances control over quality and efficiency. This approach is bolstered by substantial R&D investments aimed at advancing innovations in spinning and moving technologies, such as high-efficiency and components, to maintain competitive edges in diverse applications.

Products and Business Segments

Small Precision Motors

Nidec's small precision motors segment encompasses a range of compact components designed for high-performance applications in and , including spindle motors for hard-disk drives (HDDs), fan motors, and miniature precision motors such as brushless DC, geared, coreless, and stepping variants. These motors are engineered for sizes ranging from ultra-small (under 3 mm thick) to compact dimensions, enabling integration into space-constrained devices like portable and systems. The segment's flagship product, the HDD spindle motor, maintains a dominant global of approximately 80%, positioning Nidec as the world's leading supplier since the development of the first such motor for 8-inch HDDs in 1980. Key applications for these motors include HDDs for reliable data rotation in computing and storage devices, fan motors for cooling in consumer electronics and office automation equipment, and miniature precision motors in portable gadgets requiring precise movement. Fan motors, often utilizing centrifugal or axial designs, provide high static pressure and airflow efficiency for thermal management in laptops, servers, and smartphones, while miniature variants drive mechanisms in printers, scanners, and optical devices within office settings. This focus on non-automotive precision applications underscores Nidec's expertise in enabling compact, high-density electronics since the company's founding in 1973 with an emphasis on small precision motor production. Technological hallmarks of Nidec's small include high- aerodynamic and bearings for stable, high-speed up to tens of thousands of RPM, low-noise through optimized spacing and damping, and energy-efficient brushless designs that extend operational life while minimizing consumption in battery-powered devices. These features are particularly tailored for , where spindle ensure vibration-free disk spinning for , and for portable applications, where compact fans deliver quiet cooling without compromising efficiency. Innovations such as ultra-thin motor structures and coreless windings have driven segment growth by supporting the miniaturization trends in and hardware. Nidec's historical leadership in this segment, rooted in early advancements in brushless motor technology and bolstered by consistent R&D investments, has sustained its market dominance through iterative improvements like thinner HDD motors for notebook PCs. This position has been instrumental in the segment's expansion, with sales reflecting robust demand from global IT and sectors, though recent fluctuations tie to HDD market dynamics.

Automotive Products

Nidec's automotive products encompass a range of motors and components tailored for vehicle electrification and enhanced mobility, including electric water pumps, electric oil pumps, motors, electric actuators, and drive motors for electric vehicles (EVs) and hybrids. These offerings support critical functions in modern automobiles, leveraging Nidec's expertise in brushless technology to deliver high efficiency and reliability. Electric water pumps from Nidec are designed for heat management in automotive systems, providing controlled based on external commands via , CAN, or PWM interfaces, which enables precise temperature regulation in and . Models such as the NEW P950 main water pump, rated above 300 W, integrate with 48V systems for auxiliary heating and engine cooling, achieving compact packaging through unique mechanical designs and brushless motors that enhance . Similarly, the F1MVL2 series employs Nidec's brushless motor technology for low-cost, high-efficiency operation in applications, supporting cooling needs even during engine-off states in hybrid vehicles. These pumps contribute to fuel economy by optimizing thermal management, particularly in battery-integrated systems. Electric oil pumps, pioneered by Nidec Tosok in , supply and cooling oil in hybrid vehicles during engine-off modes, idling stop systems, and coasting operations, thereby reducing fuel consumption and emissions. Featuring high-efficiency brushless DC motors with sensor-less inverters for rapid startup and silent internal gear mechanisms, these pumps deliver up to 10 L/min at and 25% greater efficiency than competitors, making them suitable for various types and cooling applications. Powertrain motors and electric s complement these by enabling precise control in systems, such as dual-clutch actuators and park-lock mechanisms that withstand severe conditions while providing high and durability through BLDC designs. For instance, the D1L2C1 park-lock uses a two-shaft structure for enhanced power in and integration. Drive motors for EVs and hybrids form a core of Nidec's propulsion solutions, including systems and E-Axle units that integrate motors, inverters, and reducers to generate rotating directly from batteries. These compact, high-performance designs, often featuring permanent magnet or magnet-free variants, power small EVs, commercial vehicles, and hybrid powertrains, with ongoing development focused on markets like to improve efficiency and reduce CO2 emissions. Applications extend to systems via electric power steering (EPS) motors, which utilize brushless DC technology for long-life, quiet operation and high response in vehicle control, and to advanced driver-assistance systems (ADAS) through integrated electronic control units (ECUs). Body and infotainment features benefit from geared motors and ECU-integrated units that enhance passenger comfort, such as in seat adjustments and climate control. Nidec's expansion into components is driven by the Nidec division, established through the 2019 acquisition of Calsonic Kansei components, which specializes in controllers, switches, and sensors for body control, , and connected . This division supports ADAS with millimeter-wave units and forward-sensing cameras for high-recognition imaging, while adapting compact, efficient designs to space-constrained vehicles amid growing demand for autonomous and shared solutions. Overall, these innovations prioritize brushless motors for superior efficiency, reduced noise, and durability, positioning Nidec as a key supplier in the shift toward electrified automotive propulsion.

Appliance, Commercial, and Industrial Products

Nidec Corporation produces a wide range of electric motors and related systems tailored for household appliances, commercial equipment, and industrial applications, emphasizing and reliability. These products include brushless DC (BLDC) motors, induction motors, and electronically commutated motors (ECMs) designed to meet diverse operational needs while reducing . The segment plays a key role in Nidec's portfolio, generating net sales of ¥1,051,936 million in the ended March 31, 2025, marking an 8.9% increase from the previous year and contributing significantly to the company's overall revenue through sustainable, high-performance solutions. In household appliances, Nidec supplies motors for washing machines, dryers, dishwashers, refrigerators, and air conditioners, focusing on compact, efficient designs that enhance and comply with global standards. For washing machines, the company offers a full range of motors for horizontal-axis models, featuring increased efficiency and reduced noise levels to support worldwide production. motors include high energy-saving, low-noise fans and driving mechanism modules, where Nidec holds a leading . Air conditioner applications utilize high-efficient BLDC motors that connect directly to AC supplies, available in various sizes for interchangeability with existing fan blades, promoting in residential cooling systems. Dryer motors, particularly BLDC variants, target high-end markets in , designed to exceed regional energy labeling requirements. These motors incorporate variable speed controls to optimize performance and minimize power usage during operation. For commercial applications, Nidec's products support , HVAC systems, and food equipment, bridging everyday business needs with robust . HVAC range from ECMs (1/8 to 10 horsepower) to induction (1/50 to 10 horsepower), manufactured across multiple global sites for flexibility and cost efficiency, enabling significant savings in both residential and commercial buildings. In commercial and , custom and gear drive equipment like ovens, slicers, coffee grinders, ice makers, and dishwashers, ensuring precise control and durability in high-volume environments. for pools and spas further exemplify the segment's focus on reliable, energy-efficient solutions for service-oriented industries. Industrial products from Nidec address heavy-duty demands in , pumping, , and , with designs optimized for continuous operation in challenging conditions. Motors for industrial pumps and compressors, including the SR DRIVE® systems, deliver high efficiency across full operating ranges, using rare-earth-free technology—where Nidec holds approximately 50% of global patents—to support without compromising performance. and blower motors power and cooling in settings, while conveyor motors, such as low-profile models for unit handling (0.5 to 1 horsepower), facilitate smooth material transport in warehouses and production lines. These offerings emphasize durability for harsh environments, variable speed capabilities for process optimization, and integration with electronic controls to enable industrial , making the segment a vital contributor to efficient, eco-friendly operations.

Machinery

Nidec's Machinery segment encompasses a range of equipment designed for and , including machines, winding machines, measuring instruments, and control equipment tailored for motor and . machines, such as high-speed knuckle link presses, high-speed crank presses, and fine precision servo presses, facilitate forming, , and precision stamping in . Winding machines utilize high-speed multi-axis NC controllers and specialized programs to enable efficient coil winding for stators and other motor components, supporting versatile setups. Measuring instruments, including load meters, meters, meters, and digital force gauges, provide accurate assessments of properties during to ensure . Control equipment integrates with these systems to monitor and automate operations, optimizing workflow in motor fabrication lines. These products find primary applications in factory automation, where they enable winding for electric motors, automated of components, and overall streamlining of tools. Industrial robot winding machines and , for instance, automate repetitive tasks in motor , reducing labor intensity while maintaining high throughput. In , the supports sectors requiring exact tolerances, such as automotive and appliance motor , by integrating into lines for seamless operation. This focus on automation tools distinguishes the segment, as it equips facilities with systems for efficient, scalable motor handling without directly producing the motors themselves. Key innovations in Nidec's machinery include high-speed systems like variable stroke presses and lamination presses, which achieve rapid cycle times for high-volume output. AI-integrated solutions enhance lines through sensory via sight, hearing, and touch analysis, alongside using data analytics to minimize downtime. Collaborative robots are deployed to work alongside human operators, automating assembly and handling tasks at facilities like the Iida , with expansions to overseas sites for unmanned operations. The Machinery division plays a dual role, developing factory automation (FA) equipment that bolsters Nidec's internal manufacturing capabilities while providing labor-saving systems to external industrial clients across various sectors. These tools integrate briefly with Nidec's motor business segments to support end-to-end production efficiency.

Electronic and Optical Components

Nidec's electronic and optical components segment encompasses a range of non-motor technologies, including sensors, switches, and precision optical devices, designed for integration into compact, high-performance systems. These components leverage advanced manufacturing techniques to support applications in consumer electronics, industrial automation, and emerging technologies. Key electronic products include pressure sensors, which convert fluid pressure into electrical signals using methods such as diffusion-type (Silicone ) or piezoresistive sensing. Nidec offers a variety of pressure configurations, such as modules, amplifier-built-in types, and those with switch outputs or display functions, enabling precise monitoring in space-constrained environments. For instance, the P-7100 series provides compact, lightweight solutions ideal for manufacturing equipment and industrial automation systems. Additional sensors cover liquid , , and torque sensing, utilizing thin-film on metal substrates for enhanced durability and accuracy. Switches and trimmer potentiometers complement these, providing reliable circuit control and adjustment in devices requiring fine-tuned electrical performance. Rotary encoders further support position and speed detection in electronic assemblies. In the optical domain, Nidec produces components such as polygon mirrors, which hold the global No. 1 market share and serve as core elements in laser scanning systems for high-resolution imaging. These mirrors enable precise light deflection in applications like LiDAR for autonomous vehicles, contributing to advanced automotive optics. Other optical devices include camera lens units, replacement lenses, digital camera shutters, and IR cut filter switching units for surveillance cameras, facilitating clear image capture in compact formats. These components emphasize miniaturization and high-resolution capabilities, supporting integration in mobile devices and consumer electronics. Applications span IoT devices for environmental monitoring via pressure and leak sensors, mobile phones incorporating trimmer pots and optical lenses for enhanced functionality, and consumer electronics where energy-efficient switches ensure reliable operation. In automotive contexts, optical mirrors and sensors aid in safety systems like LiDAR, while industrial uses involve pressure indicators for process control. Features such as in-house manufacturing of sensors ensure high reliability and customization, with miniaturized designs reducing size and power consumption for battery-powered applications. This segment represents a growth area for Nidec, particularly in smart devices and 5G-related components, where the proliferation of connected systems drives demand for advanced sensors and optical elements to support data-intensive infrastructures. Expansion into smartphone-related electronics further bolsters this trajectory, aligning with trends in and high-speed communications.

History

Early Years (1973–1990s)

Nidec Corporation, originally founded as Nippon Densan Corporation on July 23, 1973, by Shigenobu Nagamori in Kyoto, Japan, began operations in a modest prefabricated shed with just four employees and an initial capital of 20 million yen. The company focused on researching and producing small precision AC motors, launching full-scale production and sales that August at its Katsura Plant. Nagamori's vision to become the world's leading motor manufacturer drove early efforts, emphasizing innovation in brushless DC motors, which were introduced for production in April 1975 following the establishment of the Kameoka Plant. In October 1974, Nidec opened a U.S. sales agent to tap into international markets, followed by agents in and in January 1975 and the founding of Nidec America Corporation in 1976. The late marked rapid growth in motor production, bolstered by early R&D investments that enabled breakthroughs like the of the world's first motor for 8-inch hard disk drives (HDDs) in 1979, securing a major order from worth $1 million in 1974 and establishing Nidec as a key supplier in the emerging sector. By the , the company faced intense from like Tokki in the HDD motor market, prompting Nagamori's aggressive expansion tactics, including joint ventures such as Nidec Torin Corporation in 1978 for fans and blowers, and the acquisition of Torin's axial-flow fan business in 1984. Domestic factories proliferated to support this growth, with the Mineyama Plant opening in 1982 and the Shiga Plant in 1984, enabling full-scale production of 3.5-inch HDD motors and brushless axial-flow fans. These investments solidified Nidec's core technology in high-, low-vibration motors, achieving net sales of 10 billion yen by fiscal year 1986. The 1990s saw Nidec build on its HDD dominance—capturing over 50% global by decade's end—while diversifying into automotive and sectors to mitigate risks from market volatility. Entry into accelerated through motor advancements, with stakes in companies like Co., Ltd. in 1998 for precision components used in devices. In automotive, Nidec ventured via strategic investments, including a stake in Shimpo Industries in 1995 for continuously variable transmissions (CVTs) and Tosok Corporation in 1997 for automotive parts production, alongside the 1989 acquisition of Tokki to integrate complementary motor technologies. These moves, supported by ongoing R&D in fluid dynamic bearings (e.g., the world's first 1.8-inch HDD motor in 1994), established a robust core technology base in brushless motors and related components, culminating in listings on the second section of the and Stock Exchanges in 1988 and the first section of and in 1998.

Global Expansion (2000s–2010s)

In the early 2000s, Nidec accelerated its international presence by pursuing an aggressive merger and acquisition (M&A) strategy to acquire advanced technologies and expand market share beyond . A pivotal moment came in 2001 when Nidec listed its American Depositary Receipts (ADRs) on the (NYSE), marking its first major step into U.S. capital markets and enhancing visibility among global investors. This listing facilitated access to international financing, supporting further overseas investments. By establishing subsidiaries in key regions, such as Nidec Europe in 1984 and expanded operations in the through acquisitions, the company solidified its foothold in and . Nidec's expansion into and the during this period was driven by targeted acquisitions that bolstered its product portfolio. In 2012, Nidec acquired Ansaldo Sistemi Industriali (later renamed Nidec ASI), an Italian firm specializing in industrial automation and electrical drives, which strengthened its presence in the industrial sector. Similarly, the 2017 acquisition of Leroy-Somer, a manufacturer of electric and gearboxes, further diversified Nidec's offerings in commercial and industrial applications, integrating advanced engineering expertise. These moves exemplified Nidec's M&A approach, focusing on acquisition to enter new markets and counter from global players like and ABB. Diversification into (EV) motors emerged as a key growth driver in the , aligning with rising demand for sustainable mobility. Nidec invested heavily in EV traction motors, establishing production facilities in and to supply major automakers, which helped transition from traditional small precision motors to high-power applications. Concurrently, the company set up R&D centers abroad, including facilities in the United States and , to innovate locally and adapt products to regional standards. This global R&D network supported technological advancements, contributing to Nidec's recognition on ' list of The World's Most Innovative Companies in 2014, where it ranked among top firms for its motor efficiency breakthroughs. Revenue growth underscored the success of these strategies, with consolidated rising from approximately ¥300 billion in fiscal 2000 to over ¥1.5 trillion by fiscal 2019, fueled by international operations accounting for more than 60% of by the late . Employee numbers expanded dramatically, surpassing globally by 2018, reflecting workforce scaling across subsidiaries in over 50 countries. Preparations for a corporate in the late , emphasizing its role as a comprehensive motor solutions provider, laid groundwork for future identity shifts without immediate implementation.

Recent Developments (2020–2025)

In April 2023, Nidec Corporation changed its Japanese corporate name from "Nihon Densan Kabushiki-gaisha" to "Nidec Kabushiki-gaisha" to commemorate its 50th anniversary and emphasize its global identity as a comprehensive motor manufacturer. This rebranding aligned with the company's strategic shift toward and , particularly in the () sector, where it positioned 2025 as a pivotal year for EV adoption. Nidec intensified its focus on sustainable practices, obtaining () certification in 2024 for CO2 emissions reduction targets through FY2030, and launching its Seventh Mid-term Environmental Plan to achieve net-zero Scope 1 and 2 emissions by 2040. The company experienced significant growth in its automotive EV segments, with of its third-generation E-Axle—a 7-in-1 integrated system combining motor, inverter, and gearbox—beginning in FY2024, building on earlier orders for over 3.5 million units. To address global disruptions exacerbated by the and raw material shortages, Nidec implemented long-term contracts for key inputs and enhanced supplier audits under its CSR standards, targeting resilience in FY2022 onward. In R&D, Nidec advanced AI-integrated motor technologies, including algorithms for production optimization at its facility and liquid-cooling solutions for AI data centers in partnership with , announced in October 2025. In early 2025, Nidec launched a ¥257 billion ($1.8 billion) hostile for Milling Machine Co., aiming to bolster its machinery capabilities, but withdrew the bid in May after a court upheld Makino's takeover defenses. To improve shareholder accessibility, Nidec executed a 2-for-1 effective October 1, 2024, adjusting its share structure while maintaining dividend policies on a split-adjusted basis. By 2025, leadership transitions included the appointment of Mitsuya Kishida as in 2024, followed by executive and board changes effective October 1, 2025, to strengthen under the "One NIDEC" initiative. Nidec emphasized through AI-driven manufacturing and green technologies, such as its 2025–2028 ESG Improvement Plan at Nidec Conversion, targeting 42% CO2 reduction by 2030 and increased use. These developments reflected Nidec's adaptation to post-pandemic market recovery and geopolitical tensions, including U.S.- trade frictions, by diversifying supply chains and prioritizing innovation for long-term growth amid volatility.

Acquisitions and Mergers

Major Historical Acquisitions

Nidec Corporation has pursued an aggressive strategy since its founding, focusing on technologies and businesses aligned with its core philosophy of "everything that spins and moves," which encompasses motors, drives, and related components. By 2020, the company had completed 66 acquisitions, enabling rapid expansion into diverse industrial sectors and global markets. A pivotal acquisition occurred in 2012 when Nidec purchased Ansaldo Sistemi Industriali S.p.A., an firm specializing in and industrial drive systems, renaming it Nidec ASI S.p.A. This deal marked Nidec's entry into advanced power conversion and automation technologies, enhancing its capabilities in medium- and high-voltage drives for industrial applications such as metals, , and sectors. The integration allowed Nidec to offer comprehensive solutions combining motors with electronic controls, strengthening its position in the industrial motor business. In 2017, Nidec acquired Leroy-Somer and Control Techniques from Co., bolstering its portfolio in industrial electric motors, variable speed drives, and generators. This move expanded Nidec's product lineup to include high-efficiency motors for heavy-duty applications in , , and power generation, while integrating established European and North American brands to improve . The acquisition facilitated synergies in automation technologies, allowing Nidec to deliver end-to-end solutions. That same year, Nidec acquired , a manufacturer of for and cooling systems, which complemented its motor business by adding variable-speed technologies for energy-efficient and commercial refrigerators. Although was divested in 2019 to comply with regulatory commitments, the acquisition temporarily broadened Nidec's reach into the cooling sector and supported integrations in motor- systems during its tenure. These pre-2020 acquisitions collectively drove Nidec's diversification into drives, industrial , and cooling technologies, with seamless integrations enhancing operational efficiencies and market competitiveness by the end of the decade.

Recent Acquisitions (2020–2025)

Between 2020 and 2025, Nidec Corporation pursued an aggressive acquisition strategy, completing 9 key acquisitions to bolster its capabilities in , , and components, aligning with its focus on "everything that spins and moves." These acquisitions emphasized integration into existing divisions, such as Nidec Motor Corporation and Nidec Components, to enhance service offerings, expand geographic reach, and incorporate complementary technologies without disrupting core operations. In August 2021, Nidec acquired the business from , enhancing its precision machinery capabilities in . In February 2022, it purchased OKK Corporation, a manufacturer, to strengthen its position in high-precision milling and technologies. In 2023, Nidec strengthened its U.S. motor services footprint by acquiring Houma Armature Works, a Louisiana-based provider of and repair, , and services, completed on July 4, enabling expanded support in North American generation and industrial sectors. In February, it acquired PAMA S.p.A., an producer of heavy-duty tools, to advance large-scale solutions. Later that year, on August 2, Nidec acquired Automatic Feed Company, Lasercoil Technologies LLC, and Automatic Leasing Company, Ohio-based manufacturers of press feeding and coil handling equipment, to advance its automation solutions for metal forming and enhance synergies within the Nidec Press & Automation group. Additionally, on March 31, Nidec Copal Electronics completed the purchase of Midori Precisions Co., Ltd., a producer of potentiometers, encoders, and electronic components, fostering joint product development in precision sensing technologies. In November, Nidec acquired Takisawa Co., Ltd., expanding its portfolio with CNC lathes and centers. In October 2024, Nidec acquired Linear Transfer Automation Inc. and related companies in , bolstering systems for . Advancing into and HVAC markets, Nidec finalized the acquisition of Changzhou Xecom Energy Technologies Co., Ltd., a manufacturer of scroll compressors for and heat pumps, on July 8, 2025, renaming it Nidec Scroll Technology () Co., Ltd., to extend the brand's portfolio and consolidate global compressor production. This move reinforced Nidec's position in energy-efficient cooling solutions amid rising demand for sustainable appliances. Nidec's 2025 attempt to acquire Milling Machine Co., Ltd., a leading producer, highlighted challenges in hostile takeovers, with an unsolicited announced in December 2024 for approximately ¥257 billion ($1.6 billion), aiming to integrate advanced milling and technologies. However, activated a defense measure (poison pill) in March 2025, citing inadequate consultation and potential harm, leading to commencement delays and ultimate withdrawal by Nidec on May 9, 2025, amid ongoing disputes and regulatory scrutiny from Japan's . Despite the setback, the bid underscored Nidec's ambition to scale its machinery division, though it faced resistance from target management and potential antitrust reviews. Overall, these acquisitions drove strategic growth by fortifying U.S. service networks, automation expertise, component innovation, and refrigeration capabilities, while the Makino episode illustrated hurdles in Japan's M&A landscape, including defensive tactics and procedural obstacles.

Financial Performance

Revenue and Profitability

Nidec Corporation's revenue has demonstrated consistent growth, driven by expansion in key motor segments amid evolving market demands. In the fiscal year ended March 31, 2018 (FY2017), the company achieved net sales of 1,199.3 billion JPY, equivalent to approximately US$11.15 billion at prevailing exchange rates, with profit attributable to owners of the parent at 111.0 billion JPY, or about US$1.04 billion. By the fiscal year ended March 31, 2025 (FY2024), net sales reached 2,607.8 billion JPY, reflecting a compound annual growth rate of around 11% over the period, while profit attributable to owners rose to 164.4 billion JPY. This trajectory underscores Nidec's transition from HDD-centric revenue to diversified applications in electrification and automation. Segment contributions have been pivotal to this performance, with notable shifts in composition. The Small Precision Motors , which includes HDD spindle motors, generated 487.9 billion JPY in net sales for FY2024, down from prior emphasis on but offset by growth in automotive and other precision applications; HDD motors specifically contributed 100.2 billion JPY amid softening IT demand, while other small motors rose to 387.7 billion JPY. The Automotive Products showed robust expansion, posting 664.6 billion JPY in sales—up significantly year-over-year—fueled by (BEV) components, including 116.3 billion JPY from BEV-related business. Meanwhile, the Appliance, and Products provided stability at 1,052.7 billion JPY, supported by steady demand for , pumps, and motors, representing the largest share of . The Machinery, Electronic & Optical Components, and other categories added 402.6 billion JPY, with contributions from and precision equipment. Profitability metrics improved markedly in FY2024, with gross profit reaching 536.4 billion JPY on a 20.6% margin, bolstered by manufacturing efficiencies and favorable product mix shifts toward higher-value automotive and industrial motors. Operating income stood at 238.1 billion JPY, yielding a 9.1% margin—up from 6.9% in FY2023—through targeted cost controls, including the WPR® (Waste Prevention and Reduction) project that reduced waste by 4.7% per unit of sales compared to FY2022 levels, and restructuring expenses of approximately 59.8 billion JPY to streamline unprofitable operations. R&D spending remained steady at around 81.1 billion JPY, or 3.1% of net sales, focusing on electrification technologies like next-generation E-Axles to support long-term margins without eroding short-term profitability. In fiscal year 2025 (ending March 31, 2026), financial reporting has been significantly impacted by investigations into accounting irregularities at overseas subsidiaries, primarily involving underreported tariffs on exports to and other weaknesses, leading to partial revisions of FY2024 statements and withheld auditor opinions on consolidated results. For the first quarter (April-June 2025), final results released on November 14, 2025, showed net sales of 638.0 billion JPY, a 1.6% decline year-over-year, reflecting headwinds and softer in certain motor lines; operating was revised to a loss of 26.4 billion JPY from the preliminary figure, due to charges and provisions related to the ongoing probes. For the first half (April-September 2025), net sales reached 1,302.3 billion JPY, exceeding prior guidance, but operating fell sharply to 21.1 billion JPY (1.6% margin), impacted by approximately 99.4 billion JPY in special charges for contract losses in automotive and electronic control units, as well as amid remediation efforts. As of November 17, 2025, full-year FY2025 forecasts remain undetermined pending completion of the third-party committee investigation.

Stock Performance and Market Capitalization

Nidec Corporation has been listed on the under the 6594 since 1984, serving as its primary listing venue for equity trading. The company delisted its American Depositary Shares from the on May 2, 2016, with subsequent over-the-counter trading under the symbol NJDCY. In 2024, Nidec executed a two-for-one effective October 1, 2024, aimed at enhancing share liquidity and accessibility for investors. As of September 30, 2025, Nidec's stood at approximately $20.3 billion, reflecting its position as a major player in the precision motor and sector. The experienced significant in 2025, including a record 22% plunge on September 4, 2025, triggered by the announcement of an independent probe into alleged improper practices at the company and its subsidiaries. This decline contributed to a broader downward trend, with shares dropping further amid ongoing investigations. As of November 14, 2025, was approximately $16.7 billion. for Q1 FY2025 were negatively impacted by the reported net loss following revisions. Nidec's dividend policy faced disruptions in 2025 due to the accounting irregularities; the company announced no interim dividend payment for the fiscal year and revised its year-end dividend forecast downward from ¥40 to ¥20 per share, citing market uncertainties and investigative needs. Concurrently, Nidec canceled its ongoing share buyback program in October 2025, which had been initiated earlier in the year to repurchase up to 20 million shares, suspending all repurchases amid the probes. Investor metrics for Nidec in 2025 highlighted heightened trading activity and valuation shifts. Average daily trading volume surged during the September scandal, reaching peaks of over 18 million shares on September 29, 2025, compared to typical volumes of 3-7 million. The price-to-earnings (P/E) ratio fluctuated from around 24x earlier in the year to 13.7 by mid-November 2025, trading above the electrical components industry average of 12.9x, indicating relative premium valuation despite the downturn. In comparison to peers like Mitsubishi Electric and Fanuc, Nidec's P/E remained elevated, reflecting investor concerns over governance but sustained interest in its core motor technologies.

Leadership and Governance

Key Executives

Shigenobu Nagamori serves as the Founder and Chairman of the Board of Nidec Corporation, a position he has held since establishing the company in July 1973 at the age of 28 in , . Born in 1944, Nagamori's entrepreneurial journey began amid Japan's post-war economic recovery, where he identified opportunities in precision motor manufacturing, initially focusing on components for hard-disk drives and optical devices. Under his leadership, Nidec evolved from a small startup into the world's largest comprehensive motor manufacturer, emphasizing aggressive global expansion through to capture market share in diverse sectors like and automotive applications. Nagamori's visionary approach, often characterized by bold risk-taking and a focus on innovation, has driven Nidec's strategy to dominate (EV) motor production and pursue over 70 acquisitions worldwide. Mitsuya Kishida has been Nidec's Representative Director, , (CEO), and (CSO) since his appointment as CEO in February 2024 and as CSO in 2025, overseeing corporate strategy and initiatives. Prior to his elevation, Kishida joined Nidec in January 2022 after a 39-year career at , where he led production divisions and served as president of subsidiaries; within Nidec, he quickly advanced to key internal roles, including Chairman of Nidec Mobility Corporation and Nidec Powertrain Systems Corporation, focusing on automotive powertrain technologies. Appointed CEO in February 2024, Kishida has spearheaded the company's push into markets by revitalizing production and integrating acquired assets, such as those from Nidec PSA Emotors, to enhance supply chains for battery electric vehicles. His leadership emphasizes strategic to bolster Nidec's position in sustainable , including investments in technologies through minority stakes like the USD 20 million in in 2024. Hiroshi Kobe acts as Chairman of the Board and a Member of the Board at Nidec, continuing in these roles as of October 2025 following personnel adjustments. Kobe's tenure provides continuity in governance, supporting operational executives in navigating Nidec's global challenges, including the transition and M&A integrations. Among other key operational leaders, Yoshihisa Kitao serves as Executive Vice President and Executive General Manager of the Small Platform Motor & Solutions Business Unit, also overseeing group company management since his promotion in 2023. Kitao's responsibilities include coordinating cross-subsidiary operations, contributing to Nidec's efficiency in motor solutions for and applications. Recent changes effective October 1, 2025, elevated Michio Kaida to First Senior Vice President and (CTO), where he directs technological innovation across Nidec's portfolio, building on his prior experience as Chairman and CEO of Nidec-Read Corporation and his expertise in advanced motor development. Kaida's role underscores Nidec's commitment to R&D in components, such as adopting tools for motor design optimization announced in September 2025.

Board of Directors

Nidec Corporation's operates under a company-with-audit-and-supervisory-committee structure, comprising 11 members as of October 2025, including a mix of four internal directors and seven external directors to ensure balanced oversight and expertise in areas such as business strategy, , and . The internal directors include Shigenobu Nagamori, the Founder and Chairman; Mitsuya Kishida, Representative Director and President CEO; Hiroshi Kobe, Chairman; and Hiroyuki Ochiai, a full-time member of the Audit and Supervisory Committee. External directors, who provide perspectives, consist of Shinichi Sato, Yayoi Komatsu, Takako , Hiroshi Yoshii, Aya Yamada, Hiroe Toyoshima, and Kunio Umeda, with several serving on the Audit and Supervisory Committee to conduct audits and supervise internal controls. The Audit and Supervisory Committee, functioning as the Supervisory Board, includes full-time members Hiroyuki Ochiai and Hiroshi Yoshii, alongside external members Aya Yamada, Hiroe Toyoshima, and Kunio Umeda, focusing on financial reporting, , and to enhance corporate . Key figures like Hiroshi Kobe, as Board Chairman, play pivotal roles in guiding strategies and ensuring adherence to standards across the global operations. Nidec's governance framework features dedicated committees to support board functions: the Nomination Committee, chaired by external director Takako Sakai, advises on director appointments and ; the Remuneration Committee, including external directors Shinichi Sato and Takako Sakai, determines compensation policies linked to performance metrics; and the Audit and Supervisory Committee oversees auditing processes. In response to accounting irregularities identified in 2025, the company established an improvement headed by CEO Mitsuya Kishida to address and internal controls, as announced in November 2025. These committees emphasize (ESG) integration, such as incorporating ESG targets into director compensation (with a 10% weighting based on ratings from , FTSE, and CDP) and advancing goals like net-zero CO2 emissions by FY2040 for Scope 1 and 2. Internal controls are reinforced through mechanisms like the Nidec Global Compliance Hotline, across 46 categories, and for directors. In , the board underwent personnel updates effective October 1, including adjustments to executive roles while maintaining continuity for Hiroshi Kobe in his Chairman role to ensure stable leadership amid ongoing strategic initiatives.

Controversies

Accounting Irregularities

In , Nidec Corporation initiated an internal into suspected improper at its , Nidec Techno Motor () Co., Ltd., triggered by a 10 million (approximately 200 million yen) supplier discount payment discovered in September 2024. The probe uncovered potential arbitrary timing of asset writedowns and other irregularities spanning from 2018 to 2023, with evidence suggesting possible involvement by . Related discoveries included misreporting at Nidec's subsidiary, Nidec FIR International S.R.L., where Chinese-manufactured motors were labeled as "" from 2018 to 2023, potentially evading U.S. duties through incorrect country-of-origin declarations. These issues, while separate from the core unit probe, highlighted systemic declaration errors across group companies. The scandal prompted significant financial repercussions, including PwC Japan withholding its opinion on Nidec's consolidated for the fiscal year ended March 2025 (FY2024), due to insufficient evidence amid the ongoing investigations. Nidec's shares plunged 22% on September 4, 2025, marking the company's largest single-day drop, while the company withdrew its FY2025 earnings forecasts and canceled a planned share buyback. Potential penalties from the mislabeling alone were estimated at $32 million to $224 million. In response, Nidec's board established a third-party on September 3, 2025, chaired by attorney Kaku Hirao and comprising independent experts in and law, to conduct fact-finding on the irregularities, assess their financial impact, analyze root causes, and recommend preventive measures. The committee's scope focused on the "Techno Issue" at the unit and extended to potential improper across other group entities, excluding trade and customs matters like the Italian case. By late September, further suspected cases emerged, including underreported customs duties on exports to and incomplete paperwork at a subsidiary, prompting broader internal probes.

November 2025 Developments

In November 2025, Nidec reported significant financial impacts from the irregularities, including a 58.6% drop in net profit to 31.1 billion yen ($201 million) for the April–September period, attributed to provisions totaling 87.4 billion yen for contract losses, asset impairments, and legal settlements. The company skipped its annual operating profit forecast for the fiscal year ending March 2026 (previously 260 billion yen) and announced no interim dividend. The designated Nidec a "security on special alert" due to the issues, raising delisting risks if not resolved within a year. In response, Nidec committed to submitting a draft improvement plan for internal controls by mid-December 2025 and finalizing it by January 2026, alongside forming a corporate reform committee to overhaul company culture, personnel, and governance. CEO Mitsuya Kishida and two executives issued apologies for the revisions and regulatory warning, amid renewed scrutiny of founder Shigenobu Nagamori's leadership. The events raised serious concerns about Nidec's internal management controls and governance, echoing prior scrutiny such as the 2016 allegations, and led to inquiries by firms like Rosen Law Firm on behalf of affected shareholders. Nidec issued apologies to stakeholders and committed to full cooperation with the investigations to restore trust.

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