- Nidec Corporation (6594, NJDCY) is seeking a deadline extension for its securities report due to ongoing internal investigations.
- The investigations focus on trade transaction issues related to FIR's oven motors and their country of origin compliance.
- The original filing deadline of June 30, 2025, may be extended to September 26, 2025, pending approval.
Nidec Corporation, listed under Tokyo Stock Exchange as 6594 and OTC US as NJDCY, has announced its intention to apply for an extension to submit its securities report for the 52nd fiscal year. The extension request comes as the company undertakes additional investigations into trade transactions and customs compliance issues involving NIDEC FIR INTERNATIONAL S.R.L. (FIR), a subsidiary in Italy.
The issues at hand involve shipments of oven motors manufactured at FIR's Italian factory using parts made in China. According to U.S. customs laws, the country of origin should have been declared as China, which FIR failed to do, resulting in unpaid tariffs. This prompted a halt in production and shipment of these motors in September 2023 and led to changes in the procurement sources and manufacturing processes.
Following a preliminary investigation completed by an external expert and further internal reviews at the parent company Nidec Americas Holding Corporation, additional investigations were deemed necessary. These investigations aim to uncover similar compliance issues within FIR and assess their potential impact on Nidec's consolidated financial statements.
As a result, the company finds itself unable to finalize its fiscal year-end financials and complete audits by the original deadline of June 30, 2025. Consequently, Nidec is applying to the Kanto Local Finance Bureau to extend the filing deadline to September 26, 2025. The company has committed to promptly disclosing the status of this application once submitted.
