Japanese firm completes acquisition of Embraco

Japan-based Nidec Corporation's transaction previously subjected to European Commission's conditions.

Embraco Slovakia in Spišská Nová Ves. Embraco Slovakia in Spišská Nová Ves. (Source: TASR)

After months of in-depth investigation by the European Commission (EC) and commitments to be met, the Japanese firm Nidec Corporation completed the acquisition of Embraco, a Brazilian producer of refrigeration compressors, from the American company Whirlpool, as reported by the SITA newswire.

Read alsoEmbraco Slovakia changes hands Read more 

One of Embraco's subsidiaries acquired by the Nidec Corporation is situated in Spišská Nová Ves, eastern Slovakia. Embraco Slovakia will change its name to Nidec Global Appliance Slovakia.

The acquisition was under investigation by the EC from November 2018 until mid-April of this year, when the Commission conditionally approved the transaction. The EC then granted the final approval on June 26.

What did Nidec have to divest?

Because of conditions set by the EC, the one-billion-dollar transaction between Whirpool and Nidec regarding the sale of Embraco could not be completed since April 2018.

Read also:European Commission conditionally approves the acquisition of Embraco Read more 

The Commission worried over a potential violation of competition rules if Nidec acquired Embraco, since both firms produced refrigeration compressors.

The two companies have been regarded by the Commission as the biggest manufacturers of variable speed refrigeration compressors for households and commercial purposes in the world.

Nidec thus offered to divest its refrigeration compressor business in Austria, China and Slovakia, where the firm had until recently owned a plant in Zlaté Moravce in the Nitra Region.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Triple coalition PS/Spolu/Za Ľudí? Not for now

Kiska said no, but there are talks about a broader pre-election coalition across opposition parties.

Left to right: Igor Matovič (OĽaNO), Ondrej Dostál (OKS), Richard Sulík (SaS), Miroslav Beblavý (Spolu), Michal Truban (PS), Andrej Kiska (Za Ľudí), Alojz Hlina (KDH)

Judge steps down for exchanging messages with Kočner

Several people have resigned after appearing in the Threema communication so far.

David Lindtner

Prosecutor brings charges against Kočner in the Kuciak murder case

Apart from Kočner, three other people were formally charged.

Ján Kuciak and Martina Kušnírová were commemorated in Bratislava on August 26.

Blog: AI and Slovakia: Labor costs to become less important

Which policy challenges and risks will AI bring to converging economies, such as Slovakia? Vladimir Zlacký, Founder of LookingEast.eu, offers an interesting answer.