Nidec: subsidiaries, indirect holdings and a sale still pending

analysisThe March 2026 annual table identifies major consolidated subsidiaries across Japan, Asia, the Americas and Europe, plus 306 other consolidated companies. It distinguishes total voting interests from the indirect portion included within them. A parent-to-subsidiary line in this dossier can describe group voting control rather than direct legal title. Business-unit membership, shared officers and supply relationships are separate capacities. Consolidation and a management role do not establish participation in a particular accounting episode. ¹

analysisThe annual report lists March 2026 negative equity exceeding ¥10 billion at the Polish automotive subsidiary (¥23.132 billion), NAMA (¥41.416 billion), Electric Motor Serbia (¥15.346 billion), the German automotive subsidiary (¥16.300 billion), Elesys Zhejiang (¥28.739 billion), Powertrain Zhejiang (¥36.564 billion) and Elesys Europe (¥13.507 billion). These are subsidiary figures in the group annual report, not a statement that all group companies are insolvent. They are not reconciled here to earlier local accounts with different periods and accounting bases. ¹

analysisJapan’s corporate-number history shows Nidec Mobility, number 9180001088975 and formerly Omron Automotive Electronics, absorbed Nidec Elesys, number 4020001041054, effective 1 April 2025. The merger is distinct from the parent’s later assumption of the inverter operation. A historical Elesys episode must remain dated to the entity and business then responsible. ²

analysisOctober 1 reporting of Nidec’s announcement says it agreed to sell all of Nidec Components to TCG2603, indirectly held by Carlyle-related funds, for ¥102.98 billion, with transfer planned for 1 December 2026. The retained announcement describes a signed agreement and future closing, not a completed disposal within the archive cutoff. Carlyle’s management of related funds is not itself direct title to the shares. Nidec presented the deal as part of its portfolio reform, allowing Components to pursue investment and growth with an external partner while the group concentrates resources on priorities. The company said the effect on consolidated results was under examination. ³

analysisThe parent’s March 2026 contingent-liability note reports guarantees for named subsidiaries, including ¥20.584 billion for Nidec PSA eMotors, ¥1.891 billion for the Serbian electric-motor company, ¥1.183 billion for Elesys Europe and ¥870 million for GPM Hungary. These are reported guarantees of subsidiary obligations, not amounts paid, separate misconduct findings or additional losses to aggregate with impairment. The note also lists five smaller guaranteed balances. ¹

analysisThe corporate-number record preserves the parent’s change from Nihon Densan to Nidec in April 2023 and its absorption of Nidec ASI Japan Corporation, corporate number 4010701027642, effective 1 April 2023. The absorbed Japanese company is distinct from the Italian Nidec ASI entity. The record’s corporate-number assignment date is not the parent’s incorporation date. ⁴