Tokyo--Nissan Motor Co., Ltd. announced today that the company will sell its entire stake (40% of all shares issued) in Niles Parts Co., Ltd. to US investment company Ripplewood Holdings LLC. The deal was concluded today and the terms of the transaction were not disclosed. The transaction is expected to be completed on April 6, 2001.
Niles Parts produces automotive components including switches and electronic components. The company has recently focused on overseas expansion particularly in the US.
Ripplewood Holdings, a US based investment fund management company plans to strengthens the global operation of Niles, including its business with Nissan.
"We believe this move clearly strengthens Niles Parts in their competitiveness and globalization as they leverage the broad business network of Ripplewood. " said Itaru Koeda, EVP for Nissan Motor Co., Ltd. "We look forward to continuing our relationship with Niles Parts."
Nissan is strengthening its relations with suppliers by building a global suppliers network as part of the Nissan Revival Plan. Based on the plan, the Company has committed to returning to a net consolidated profit in fiscal year 2000, achieving an operating margin of at least 4.5 percent and reducing net consolidated automotive debt to no more than 700 billion yen by the end of fiscal year 2002.
- Outline of Niles Parts -
Company name: Niles Parts Co., Ltd.
Areas of operation: Manufacture and sales of various switches and electronic components
Year of establishment: 1949
Representative: Taketoshi Suzuki
Address: Omori-nishi, Ota-ku, Tokyo- Outline of Ripplewood Holdings -
Company name: Ripplewood Holdings LLC
Areas of operation: Management of private equity fund
Year of establishment: 1995
Representative: Timothy C. Collins
Address: New York# # #