CNA – Nidec said yesterday that it is teaming up with Brazilian firm Embraer to form a new company that will make parts for flying cars and be set up in the United States.
The new firm, to be known as Nidec Aerospace, will be based in St Louis, making use of existing factories of both firms in Brazil and Mexico.
Nidec will take a 51-per-cent stake in the company and Embraer 49 per cent, it added in a statement.
No mention was made of the capital amount in the statement. A report in the Nikkei Shimbun newspaper said the company would invest JPY20 billion (USD141.02 million) in research and development over the next five years.
