© Reuters. A Nidec Corp. logo is pictured at an earnings results press conference in Tokyo, Japan, July 25, 2018. REUTERS/Kim Kyung-hoon/file photo
TOKYO (Reuters) – Nidec said on Sunday it is collaborating with Brazil’s Embraer to form a new company that will make parts for flying cars and be based in the United States.
The new company, which will be known as Nidec Aerospace, will be based in St. Louis, making use of both companies’ existing plants in Brazil and Mexico. It added in a statement that Nidec will acquire 51% of the company and Embraer 49%.
The amount of capital was not mentioned in the statement. A report in the Shimbun newspaper said the company will invest 20 billion yen ($141.02 million) in research and development over the next five years.
($1 = 141.8200 yen)