TOKYO, June 18 (Reuters) – Nidec said on Sunday it is teaming up with Brazilian firm Embraer to form a new company that will make parts for flying cars and will be set up in the United States.
The new company, which will be known as Nidec Aerospace, will be based in St. Louis and will use both companies’ existing plants in Brazil and Mexico. Nidec will take a 51% stake in the company and Embraer 49%, it added in a statement.
The statement did not mention the capital amount. A report in the Nikkei Shimbun newspaper said the company would invest 20 billion yen ($141.02 million) in research and development over the next five years.
($1 = 141.8200 yen)
Reporting by Elaine Lies; Edited by Daniel Wallis