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Business

Japan's Nidec grabs US elevator maker

Deal augments motor operations with parts, installation expertise

OSAKA -- Nidec has acquired Canton Elevator of the U.S., a purchase seen complementing existing operations such as elevator motors.

The Japanese electric motor maker said Tuesday that it acquired full ownership of privately held Canton on Monday through a U.S. subsidiary, apparently paying tens of millions of dollars. Canton makes and installs components such as cars and guide rails for elevators in low- and mid-rise buildings.

The Ohio-based company employs 98 people and logged sales of $33.7 million in 2015.

The purchase fits with Nidec's operations, including those of an American elevator motor maker acquired in 2012. The Japanese company sees motors for appliances as well as those used in commercial and industrial settings helping drive future growth.

(Nikkei)

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