Nidec To Form Joint Venture With Brazil’s Embraer To Make Flying Car Parts

TOKYO (Reuters) – Nidec said on Sunday 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% stake in the company and Embraer 49%, 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 20 billion yen ($141.02 million) in research and development over the next five years.

($1 = 141.8200 yen)

(Reporting by Elaine Lies; Editing by Daniel Wallis)