Nidec Corporation , formerly known as Nippon Densan Corporation , is a Japanese manufacturer and distributor of electric motors. Its products are found in hard-disk drives, electric appliances, automobiles and commercial and manufacturing equipment. The company is the global market leader for the spindle motors that power hard-disk drives.
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According to Nikkei Asia, Japanese motor maker Nidec named Chief Technology Officer Michio Kaida as chief executive, replacing Mitsuya Kishida, as the company seeks a turnaround and expects to book huge impairment losses. The announcement location was Tokyo, and it notes the leadership change occurred on Tuesday.
According to Nikkei Asia, Nidec is expected to record an impairment loss exceeding 600 billion yen ($3.8 billion), primarily from its traction motor systems for electric vehicles, with the information coming from sources cited by Nikkei Asia on Monday. The report places the events in Kyoto, Japan.
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